I ran a quick calculation in FIREcalc today.
Based on the money I have saved for retirement so far, assuming zero future contributions and zero Social Security payments, and assuming I need a FIRE stash that will last me to age 100, I will reach 100% success rate for retirement at the age of 62.
I know I could trim some fat from my budget, and I don't believe Social Security will be zero when I reach old age (although I know it will be reduced from today's values). I also (unfortunately) don't expect to live to the ripe old age of 100, and I think 80% success rate is probably enough for me when it comes time to pull the trigger on FIRE. So the calculation I made in FIREcalc was very conservative. Of course, using more realistic inputs gets my FIRE-ready age much lower, but as a baseline the conservative inputs are nice to know.
It's nice to think that even if I don't save another dime, my "traditional" retirement will be covered, even if Uncle Sam completely pulls the plug on Social Security, and even if I live way longer than the average person.
As I continue to save, I will continue to make this calculation and expect (hope) to see the FIRE age falling as my actual age rises ... and hope they will meet in the middle somewhere before long!
Sometimes I look out ahead toward FIRE so much that it's refreshing to look "backwards" like this, counting down from 62 to see how low I can get that retirement age before my actual age reaches it.
Based on the money I have saved for retirement so far, assuming zero future contributions and zero Social Security payments, and assuming I need a FIRE stash that will last me to age 100, I will reach 100% success rate for retirement at the age of 62.
I know I could trim some fat from my budget, and I don't believe Social Security will be zero when I reach old age (although I know it will be reduced from today's values). I also (unfortunately) don't expect to live to the ripe old age of 100, and I think 80% success rate is probably enough for me when it comes time to pull the trigger on FIRE. So the calculation I made in FIREcalc was very conservative. Of course, using more realistic inputs gets my FIRE-ready age much lower, but as a baseline the conservative inputs are nice to know.
It's nice to think that even if I don't save another dime, my "traditional" retirement will be covered, even if Uncle Sam completely pulls the plug on Social Security, and even if I live way longer than the average person.
As I continue to save, I will continue to make this calculation and expect (hope) to see the FIRE age falling as my actual age rises ... and hope they will meet in the middle somewhere before long!
Sometimes I look out ahead toward FIRE so much that it's refreshing to look "backwards" like this, counting down from 62 to see how low I can get that retirement age before my actual age reaches it.