And, once upon a time, I was naive enough to think that $1M would allow me to retire very comfortably. While I've come to my senses, and now see that it won't afford me a life of luxury, it's still a good feeling that milestone is so close!
Portfolio value reached 1.5m today!
Wow, amazing at such a young age! You are well on your way. I think at age 31 I had about two cents, if that.I hit 250k at the end of May. Currently 31 and hope to another 250k by 35.
Andre, are you doing the one more year thing because you like the appeal of spending a bit more in retirement? Or are you just nervous about hanging it up at such a comparatively young age? I'm curious.
It's a combination of both, but I think moreso because I like the idea of being able to spend more in retirement. I'm starting to second-guess whether $40K per year, adjusted for inflation, would be enough to keep me happy. Health insurance is also a big unknown for me, as I haven't researched getting an individual policy yet.
Also, within the next, maybe 5 or 6 years, I want to move, but I'll probably be trading up. I figure I'm either going to still need the employment to qualify for a mortgage, or have a really big down payment saved up!
robnplunder, I think if I had a $2 million investment portfolio right now I'd be really tempted to hang it up, but my area costs me a lot less to live in than the bay area I'm sure. What would you need to have to walk out the door right now? $4 million?
Even with a few years of accurate budget data and all the available financial projection tools it is hard for me to feel secure about future finances without a very padded budget. One positive is that as I grow my portfolio and grow older the parameters are getting easier to trust.
FireCalc actually gives me a $100% chance of success of retiring right now, at the age of 44, with my $980K portfolio, and a $40K per year SWD. This assumes ~$12400 per year in SS starting at age 62, and a $349/mo non-COLA'ed pension at 65, and living to 100.
What time frame did you use in FireCalc? If you use 40+ years, you might be excluding some interesting time frames in the '80s that could have made things not as rosy.
What time frame did you use in FireCalc? If you use 40+ years, you might be excluding some interesting time frames in the '80s that could have made things not as rosy.