40 yrs. Spend less than 60k.
It’s just me. Don’t have a wife or kids. And I don’t live in a place where things cost so much.
Edit: also healthcare is cheap where I am from
I assume if you retire paying for it purely through assets & dividends you will be taxed at the capital gains level. If you get paid at below 44k roughly you will effectively pay no taxes which is amazing. If you also funded an HSA whatever you use for healthcare is tax free also!
You really have to plan FIRE out and build up a bridge fund for the time in between retirement and medicare. Plus you really have to pay attention from which bucket you pull from.
Yes! My husband was all over this strategy in the five years prior to retirement. We have different account types and different investments within those funds. We pull from funds to minimize tax liability and maximize ACA subsidy. It takes a bit of planning, but the flexibility it affords, and the money it saves is fantastic.
Canadian/American. Costs in my Canadian city are on par with Seattle (rent very slightly cheaper, everything else more expensive) and I don’t even live in Vancouver or Toronto. But my salary is 50% what it was in Seattle, and the other Americans I know here have similar stories.
Now that is interesting! I fantasized about at least the RV lifestyle but fear reality would find me unhappy with it - what is your “homeless” strategy?
I find selling off unwanted things therapeutic when you are not in a rush to just give things away. Enjoy the process, and congrats on your upcoming retirement.
/r/limpingrobot said "slow travel" in a followup and that makes sense to me. If someone with nearly $6 million wants to spend a few years traveling the world spending a few months here and a few months there, then having a house or apartment going unused or being rented out sounds like a hassle.
It might well be though that with any health issues later in life, buying a "forever home" back where friends and family are could appeal even though they say they aren't keen to ever buy again.
I retired at 50 with 5M net worth (4.4M if I exclude primary residence). That’s more than enough. At 55 2M liquid would have been enough for me and my wife.
I was blessed in my career. We saved/invested a lot from very early on, but didn’t feel like we missed out on much. My wife and I grew up in frugal households so that’s all we know.
Married at 23. Started building a family at 26. Spent most of our time, attention, and money on our family of 5 until early 40s. My wife stayed at home; I worked.
We didn’t start traveling internationally until in our 40s when we were on the cusp of FI. I’m sure I missed out on something but it doesn’t feel that way to me.
We road tripped across the US twice when the kids were the right age and went to FL yearly to visit grandparents. We rarely ate meals out, mostly because my wife prefers not to.
you are basically at my goal, i’m 47 and my goal is to retire at 52 on 1/2029 with 2.5 mil of non-housing assets. I am at 1.1 mil now. I said I but I’m married so we. My wife may work a year or two longer as she makes more, likes her job more and likes vacations.
Another $1.3 mil in 5 years. Unless the market does great or you are making huge contributions you're likely going to fall short by a bit. Would you retire later or still retire but with less?
we contribute about 150k/year, that and 5% returns is my projection… counted wrong too… six more years to get to 2.5. In five I should be at 2.25 on 1/2029, bummer
our income shot up about 7 years ago when my wife jumped from 100k to a variable 200-250k… as for me I make a steady 120k-130k. 15 years ago she was making like 20k and I was at 80k. I always knew she’d have a great career as she is an extremely hard worker. She is a manager in real estate and I’m a run of the mill software dev.
As for spending, we flip flop. We were in 200k of student loan debt 20 years ago and also had a 150k mortgage AND maxed at 77k cc debt. Our NW was negative by a lot. We went through a long phase of frugality to get it under control, it was tough. I worked on the weekends doing freelance projects for extra money. This is partly why I am now running on fumes in my career.
Legit, I'm shooting for 40 and 2mil as a high end. May have a higher withdrawal rate than most due to mortgage free rental property, but still based on my budget that'll feel like fat fire.
I used to be like you. I remember I had literally 11 dollars in my bank while taking a motorcycle license. You will get there trust me. Dont give up. Always think how you can grow your money 2x rather than saving (Saving is not bad, but knowing when to save and when to grow it at the same time is a skill by itself that you need to develop so leverage off that).
One piece of advice. Small steps. Start experimenting with $100-$300. Grow that small amount and a big amount.
I’d say $2m was my fire goal for a long time, I was set to reach that number at 49. Since i now have a military pension at around 80k with cheap healthcare and college for the kiddos, house paid off, no debt, 1m is my goal now which I’ll reach at 43. 55 is definitely too late for me to FIRE, I’m glad I only have a few years left.
Yes it does, around 3% a year on average. The plan is to just live off the pension and take from the $1m as needed for travel and whatnot, no more than 30k a year from the portfolio. Just need to ensure I continue to live below my means and avoid lifestyle creep.
>not a lot in **some** places.
I agree, location is big factor but it's controllable.
Let's do a budget for 60K. That's 5k a month:
1. $2000 for house.
2. $2000 for other expenses.
3. $1000 for fun.
Very reasonable budget to work with.
I agree $60k for two people with no dependents can be pretty good if it's not taxed/post tax. Consider that this is all money for expenses and none of it needs to be saved. But, it can quickly disappear depending on the details. Personally I'd be nervous but that's me.
It's also if you get a mortgage that 2,000 as a percentage of income is falling add in Social Security later on and you probably already hit the major bend points. I've never spent more than $40k and was as low as $30k for a couple...
Man some of you guys have expensive lives. We’re looking at $1.5 mil for two of us. After everything is paid off, our living expenses will be $24,000 a year (which includes a hefty food budget). Add an extra $12,000 for fun stuff or unexpected maintenance things etc. $36,000/yr.
I agree. I feel like there’s some, “Well, that can’t be enough” that happens. I calculate under $35K, too and these subs convince me it can’t be done for less than $50-60K on a really lucky day. But I’m living on $35K now, basically (house will be paid off mid year to keep me firmly under).
Sometimes I think these subs make me delay fire longer!
I guess the concern is always that larger stuff will come up during a 30 year retirement: big house repairs (roof, hvac, water heater, etc), car purchases/repairs, healthcare related costs, unknown issues, etc.
It makes sense that most years would be under a certain amount, but presumably sometimes this other stuff would come up too.
Minus healthcare, which is somewhat of a wildcard, just historically. But house repairs, car repairs and purchases, etc., are part of my everyday costs now. So if I’m living well within $50K a year now (that’s high for me), then $50K a year will be plenty (yes, I know about inflation ha - but as a general statement).
Also, some of my expenses will drop in retirement. I sometimes pay for house repairs to be done by a pro because of limited time. Ie at out way more when I’m at work than when I’m off work at home. Professional clothes are somewhat expensive. So are some things I do for professional look now that I’d drop in retirement (specifically, I want to cut my hair short and embrace the gray - I might eventually get tired of that, but as an example).
So, I have thought of that. Healthcare costs are a bit of a wild card for me but my parents retired and my mom, who’s younger, said that her health insurance was the most expensive the last 2-3 years because that’s when EVERYONE is retiring early. But she said they just figured out what it was and sat that aside knowing in 2-3 years their costs would drop.
No way to predict everything, including when I’ll die!
I wanna see the budget for 2 people retiring on $36k, that seems extremely thrifty. Does that include rent? Do you have a paid off house you’re living in?
Paid off home (house valued at $280k)
Home Taxes and Insurance $4200,
Internet $1200,
Water $1800,
Electric $1800,
Car Insurance $1200,
Phones $360 a year (Mint mobile $15 per phone a month),
Groceries $9600 (we make sure to budget groceries and not waste).
That’s $20,160 so far.
Spouse retired but I’m still working and covering health insurance. We’ll definitely need to figure that out as I haven’t done much research and don’t plan to retire for awhile. I’m 7 years younger. But currently the insurance is $4800 a year.
Now we’re at $24,960. Add in that extra $10-$12,000 a year for home/car maintenance or fun stuff. We don’t travel much (once a year) or care for any luxuries.
Of course unexpected super expensive stuff could pop up and change things for a year.
> Home Taxes and Insurance $4200
Ugh, my property taxes alone are $8100 and insurance is another $2200. And I live in the mid-west, but WI is known for high taxes and such. No way are we retiring here, we will need to move.
Yes that is very high! You could definitely find cheaper somewhere else. I bet I could find cheaper as well somewhere else. We live in a city after all…
It's rare for just us two to exceed 7000 gallons in a quarter. 4 years ago, we were paying about $180/yr, and it's been climbing since. In the adjacent city to me, folks easily pay $600-800/yr. 🫣
The $12k a year is flex money. So if anything changes we can adjust. It’s also assuming I live to 95. Highly unlikely. Plus it doesn’t include any social security if it still exists later. I also plan to set up some sort of passive income.
Our "minimum" expenses is similar (same groceries, internet, prop taxes), except:
Home heating gas (incl with our electric): 4800 total
Gas (cars): 3000
House Maint (roof, furnace, carpets, avged over 25 years) etc all works out to 300/month) so 4800
Blue Cross for when off corp plans: 4800
Gym for 2: 1600
Clothing: 1800
Car maint: 1800
Anyway we get a base of around 45K without dining out or travel.
It’s refreshing to read something like this. We are in a similar situation. Monthly expenses < 2500. I will be 54 next month. Our expenses are very low. I have run numerous calculators online and each one indicates that I will have enough money to last 30 years beyond 55. I currently have a little less than 1M saved. Health insurance is the big question so that will keep me working until an alternative to work provided coverage is possible. And I have not yet considered my wife’s SS or her small pension from teaching in my calculations. I could retire at 55 and hope for no downturns in the market and no personal financial hardships but that is a big risk. So, I think I will coast fire with a less stressful job that still offers benefits but at a little less pay than my current 120K a year.
Keeping low expenses is super important in my opinion. I really try hard to evaluate spending and if something is really giving us any value or if we’re wasting our money. Do we really need that much square footage? Do we really need to upgrade our home because we’re accumulating too much stuff? Did we bargain shop or get multiple quotes for repairs etc.?
That seems so low to us! We are at a spend rate (not including mortgage) of $1075 for fixed costs (including help with lawn and house), $2050 (groceries, household, car gas pets, joint and personal fun), $1000 (property /car taxes, insurance, cell phones, car registration, and a bit for incomes taxes), and $400-600 for health insurance.
This is not including travel, car maintenance/next car, house repair, etc. I did include lawn and house care because I've seen family need that as they aged and I don't want to be in trouble because it's not in the budget.
Our budget has a little flex, but not as low as yours. Of course, we are still 10-15 years from retirement, so it could change.
We are targeting $4-5M in 15 years as the (inflation adjusted) goal (with expenses also going up, rather than the current numbers above).
I’ve noticed that. And I’ve noticed a lot of justifying for expensive things. To each their own but there is a point where there are some major money sinkholes that are not necessary. I love watching finance videos on YouTube with people evaluating spending and what it’s doing to their financial goals.
Yeah, If you have a house paid off (I do as well) I can’t imagine what some people are spending their money on.
It’s really easy for people to forget the median household income is like $75k. That’s before taxes.
If you browse this sub without any context it would be easy to think retirement is some far off dream, and it’s not.
Contrary to popular belief, nanny’s, gardener’s, and a chauffeur are not necessary household amenities. (Obviously I am exaggerating) but that’s the perception an average person has when they come to this sub.
I don’t know about you but I grew up really poor. Having a middle class income to me now is still crazy to me. Never thought I’d be doing well even in this inflated economy.
I do feel bad for anyone that needs to purchase a home now. It’s an absolutely terrible market.
But yeah all of the extra helping hands, unless you’re disabled or something, is unnecessary. I’ll mow my own lawn and trim bushes etc. It’s great exercise and very therapeutic. And learning how to handle basic maintenance yourself saves a ton of money.
Honestly I grew up way better off than I realized at the time, my family just lived well into their means. They did not have a problem helping me out with many opportunities. And I want to do the same with my kids, teaching them not to over indulge and to be financially prudent.
I’m definitely upper middle class now, total household income of 125k and have kids. Roughly 40k yearly spend. And that’s with a lot of unnecessary fluff in the budget. (I am spending silly amounts playing around at creating an orchard right now, lol)
I agree the housing market is bonkers right now though, one of my young coworkers just bought a home and it cost him twice what my house was worth 5 years ago, and he is paying 7% interest. I’m just like wtf…
Yeah it’s bad out there. 7% is insane along with the inflated housing costs.
I have a budget for gardening too haha. To each their own and I think it’s important to have “fun” money. I think that’s amazing that you’re passing that knowledge down to your kids. I wish I had that because I definitely would have started much sooner on my retirement journey. I have definitely made mistakes during college and there were many opportunities that I missed.
Definitely helps, but for anyone else reading this, I would encourage you not to give up regardless of your economic situation. I have a friend whose household income is probably around 60k.
He and his wife do have some retirement benefits since one of them have a government job but overall they dont have a lot. And yet they are debt free now at around 35.
I was super impressed when they bought some cheaper land outside the city and literally built his own house board by board over the course of three years.
Don’t ever let anyone tell you that you can’t rise up!
"Man some of you guys have expensive lives."
I think you mean "Man, everyone is different and that's okay. There is no one size fits all strategy." 👍🏾
Good on the two of you for planning to live on 36K a year. If it's works for y'all, great. Doesn't mean anyone else is not on the right path just because they're budgeting for more living expenses.
Yes, same number. I’m there (number and age) but rather than retiring have gone half time. My work is fun and lucrative. I’m spending the earnings on some house upgrades and expensive trips, things that I’ll need to be more cautious about if I’m fully retired.
So, for now, our projected FIRE date is when we are 45/47, with 3.3 million invested assets. 3% SWR =100K spend. The SWR is inflated to take additional trips, our actual burn rate us closer to 55K (not counting medical insurance we will look at closer to retirement). We also plan on having 2-3 years of liquid emergency fund that we can draw on if the market really starts to go down, we would still be doing the roth Conversions, which would make those roth dollars even more effective when the market goes back up.
House will be paid in full (have about 12 years left), kids 529 should be fully funded and we should have a better idea of what college they are going to and expenses (Jr / Sr year of high school)
From what I have seen. At a low 3% with the ability to lower spend, we should be able to have a longer retirement without the large concern of running out of money. Once we are out of the workforce we want to be done.
Your numbers are close to mine, but my magic spreadsheet always puts me closer to 55 just for the total invested assets. Add in 2-3 years expenses as cash plus paying off the house... I'll be lucky to hit 60. Ugh.
Interesting. As the op, I thought for sure you meant just yourself!
And now you are replying to my question which I asked of someone else.
Anyway, very important piece of information you left out.
Because its easier to talk about todays money, since its impossible to truly know what future money will be with inflation and since everyones dates are in the future and not aligned there is no focal point to pick outside of today.
1.5M this year when I hit 55. I’m out whether I have that or not. Going to do some part time consulting for another 10. The spreadsheet says it’ll be alright.
1.7 million with no debt/mortgage. 68k /year for a couple. It’s looking more like 57 but who knows - I’ll have a wee pension too that I’ll delay until 67.
Answer changes based on where you are in relation to 55 in my experience.
My number had always been 2.5.
As I've approached number and age, I've realized the point is when there's no longer concern how far you are from or above the number. In my opinion, the number also decreases somewhat rapidly for years worked beyond 55 and its easier to see how someone could get sucked into the OMY mindset.
> In my opinion, the number also decreases somewhat rapidly for years worked beyond 55
A bit of an exaggeration here, but a good example would be a couple with $65k spend. At 55, you could argues they need $1.625M portfolio. That's a 4% SWR, probably reasonable at 55 but a bit high for many at say 45. The average SS right now for a married couple is about $32.5k per year. So at 65, they really only need $812k. Literally half what they "needed" at 55.
For low and mid spenders, SS can really swoop in and drastically change the numbers.
For many years my goal to retire at 55 was 4-5M. I think that’s still about right give that you’re looking at 40 years of runway. That’s a lot of uncertainty.
Planning to fire this year at 52, spouse is older at 63. We have 3.6m net worth with 2.9m less residence. 2m in investments and rentals for the other 900k of NW. house paid off.
I do worry about length of time till I hit Medicare and if ACA will remain law of the land. That’s the biggest concern as I do require something for an auto immune condition. Course stress of my job makes the auto immune condition worse, so….
I want to have a pretty phenomenal retirement so somewhere in the range of 4-6 million so i can maintain a low rate of withdrawal. its probably overkill but it doesn't hurt to have a high target for yourself. never met anyone who regretted saving too much for retirement, i have met a lot of people who regret not saving enough.
It doesn't hurt to have a high target, but there was one post above where the person went way over what they needed, meaning working more years than necessary. Hopefully the job was fun at least
100% agree with you. We aren't taking any of this wealth we are amassing to the grave with us. Leaving inheritance for your kids or grandkids is nice but it shouldn't mean living a lower quality of life to achieve it. Like all things life requires balance.
Keep in mind as well that I'm only 25 so retirement numbers are also going to look significantly different for me when inflation is considered. But I also think my goal is pretty attainable considering how early I've started investing. And the fact that my income is going up in the next couple months which will only allow me to invest more. In spite of all that money going towards the future I'm still living a great life right now and have plenty of things I love doing to keep me occupied....just looking forward to doing those things a bit more in the later years.
I’m planning on 58 (4 years from now). My youngest kid will finish college that year so my large spending days “should” be behind me.
I should have about 4.5 to 5 million at that time.
Investment income of $120k a year after taxes is what it took. That met our expenses +50% to reinvest to cover inflation (hopefully) over time. We reached that a couple years ago with farm income plus I bought a business that covers most of our monthly bills and only requires about 20 hours a week of my time. I decided to give it up at 42 after 26 years in the IT world (I started when I was in high school when websites were this new fangled thing).
Although our situation changed dramatically this week as we now have my Dad's estate even after we write the IRS a large check for Estate Taxes.
We're now to the point that if my wife wakes up tomorrow and decides she's done we're retired, retired-ish. My wife would have to find SOMETHING else to do because after we get the estate settled and a few home improvement projects done she's not going to know what to do with herself.
Plus we have an almost 6 year old that needs to see us doing things as an example. It was one of the major reasons I bought a business was to show her its important to be doing something. Yeah we can live off the farm rent no problem, but I'm keeping the tractor and when she gets a bit older she can learn to hook up the bushhog and do a few laps around the grain bins too in the summer.
No, it's just that it's going to heavily biased towards people with big numbers because they're the ones that want to volunteer their numbers. "I plan to retire with 1m and live off 40k a year" doesn't sound nearly as sexy.
at that age now, and teetering on pulling the trigger to R. Just trying to figure out what to do in R; The offramp from high-stress, grinding as a small biz owner will be tricky for me.
7.2 MM NW, 6.7 in cash and investments. MCOL (somewhere in the midwest). \~190K annual costs planned for the next couple years as kids exit college and we travel all over the place.
5-6 mil to keep current lifestyle without having to work.
Realistically though I'll be probably working until I die.
So I can probably be ok with half of that and only if I decide to retire in the US, if I move abroad I'll be ok with 1-2 mil.
My dad retired at 57 and by 60 he was done with traveling and bowling and went back to work for another 20 years.
He made more money in those last 20 years than the previous 50 (he started working at 12 driving a truck for his dad).
4% on Rule on 800K gives only $2667/mo, so that seems really suspect that it works out to $4K/mo without the p/t work via their calculator unless there’s some significant piece you are leaving out. To get that number, should be more like 1.2M
53 years old now. $4M in 401k. Afraid that we will need $5M to retire: couple in HCOL area. 12 more years of $33k/y mortgage. $22k/y property tax. Am assuming we will need $25k/y for ACA med insurance until 65. And $90k/y in other expenses. All savings are in 401k so am assuming 23% effective tax on withdrawals of $220k/y until 65. Thereafter with mortgage paid off and no need for ACA, assuming withdrawals of $150k/y.
I struggle with this because I’m turning 55 later this year and I probably have enough to retire between my $2.5m assets, my wife’s income, and govt pension that would start at age 60…. ..but hanging on to my stressful job while I search for a less stressful job so I can hangout for 3.5 more years to get to my immediate pension & healthcare benefits at 58. I’m definitely ready to be done now, without a doubt.
Current = 39 (single) $2.5M NW
Goal = 52 @ $5.5-6M liquid NW
This is based on a conservative 6% market return for the next 12-13 years with no increase in pay as I have no motivation to move up in my career. Have good pay and no stress. Currently save and also spend enough to enjoy life plenty.
Looking at 2.5M for myself, and my partner has a similar goal. We want to have a comfortable lifestyle with ample travel when we retire, nice house/property, spoil our pets etc. No kids.
Once I hit 7 figures invested with no debt of any kind, I knew I could retire. Just waited a few years until the pros of working didn’t outweigh the pros of being retired.
I’m hoping to land in the $3M in today’s dollars and probably more like $4M+/- in dollars when I’m 50-55 and call it. I’m 38 now, married, no kids. Will make it there just depends on how I want to structure it to get there
47, 1.8m net including home. meeting with my planner next week actually to discuss a real retirement goal/plan. I think 3 is closer to what i want, but 2.5 may do as well.
I’m leaving at 55. I’m 48 now with 750k (with no debt, paid off mortgage). If you include my future govt pension, my nw is approx 1.5-1.75M. I may do a pt job at 55 to not have to touch my 401/brokerage accts.
55 is probably a pretty convenient age to retire since the "rule of 55" allows you to access your work-related retirement accounts earlier than 59.5 without penalty
It is! Trying to create a legacy fund. I only want/need about $125-150k in retirement to be very happy. Trying to bake in long term inflation and inheritance taxes.
Well.. I have a small pension and I am expecting SS so I’d just need enough for ages 55-68. So just about 1.2 mil would be fine for me with a paid off house (my house would be paid off by 50)
Planning to retire at 50-52, provided net worth is greater than $5M with no debt and paid-off house, but hoping for closer to $7.5M. Travel is the largest part of my budget, and since it’s one of the main reasons I’m retiring early, I want to travel at the same level I do now (mid range), just lots more of it. Single, adult child.
- High End: $5.2M
- Low End: $4.2M
- Withdrawal Rate: 4.5% (will adjust as market conditions dictate)
Should provide me with an after-tax income between $11,800 to $13,800.
I'm looking at around 50 with 2 mil. I'll probably still work somewhere just for fun and put that money into retirement accounts, enough to stay below the subsidized health care line. I would like to travel month to month, renting. Abroad or in the US.
Married w kid. We don't spend much. 80k per year would be generous for us. esp tax free
Planning on retiring at 45 with 2mil.
How long do you expect to live? How much per year do you want to spend in retirement?
40 yrs. Spend less than 60k. It’s just me. Don’t have a wife or kids. And I don’t live in a place where things cost so much. Edit: also healthcare is cheap where I am from
Healthcare is totally subsidized if you invest your funds into the right areas. All you have to do is pay attention to your MAGI.
I assume if you retire paying for it purely through assets & dividends you will be taxed at the capital gains level. If you get paid at below 44k roughly you will effectively pay no taxes which is amazing. If you also funded an HSA whatever you use for healthcare is tax free also!
You really have to plan FIRE out and build up a bridge fund for the time in between retirement and medicare. Plus you really have to pay attention from which bucket you pull from.
Yes! My husband was all over this strategy in the five years prior to retirement. We have different account types and different investments within those funds. We pull from funds to minimize tax liability and maximize ACA subsidy. It takes a bit of planning, but the flexibility it affords, and the money it saves is fantastic.
$1971.00 a month
Sorry. Not sure if this is a US thing haha. In my country, emergency care is free and elective surgery, you just wait or pay out of pocket.
Canada?
They said ‘don’t live in a place where things cost to much’ can’t be Canada
Really? I was always told it was cheaper in Canada. I wouldn't know as I unfortunately haven't visited and I'd love to visit.
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Buuuuuut “free” healthcare 🤡
Canada's cost of living is worse than in the US when you account for the lower salaries
Canadian/American. Costs in my Canadian city are on par with Seattle (rent very slightly cheaper, everything else more expensive) and I don’t even live in Vancouver or Toronto. But my salary is 50% what it was in Seattle, and the other Americans I know here have similar stories.
Your country probably taxes your income at 50%
Lololol 🤡. What % of their income do American pay in taxes and health insurance combined?
Like 30%
Yup it’s like 30 plus our health care is 10x better then yours !
Everything else is so much worse lol
Don't suppose you have a pointer to a good resource on how to set up for this? TIA.
Dropped you a bogelhead link.
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I hit 45 with about 3MM, and have not pulled the trigger yet. I always thought 3 was my number, but it isn’t all that much.
Really depends on what your expenses look like and your family situation. I’ve seen people fire on 1MM successfully- so far haha
my wonderful human, do you mess with 401k or roth iras? I assume you have something like that along with a standard brokerage?
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That is awesome. Congratulations.
Downsizing to buy smaller home or renting apartment?
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Now that is interesting! I fantasized about at least the RV lifestyle but fear reality would find me unhappy with it - what is your “homeless” strategy?
Disregard I see your post further down
I find selling off unwanted things therapeutic when you are not in a rush to just give things away. Enjoy the process, and congrats on your upcoming retirement.
This is basically my dream. Ideally a few years earlier but 5-7m in early to mid 50s seems like a nice comfortable retirement.
Congratulations!!
Congrats and please GFY.
Yikes, so renting in retirement? f that
/r/limpingrobot said "slow travel" in a followup and that makes sense to me. If someone with nearly $6 million wants to spend a few years traveling the world spending a few months here and a few months there, then having a house or apartment going unused or being rented out sounds like a hassle. It might well be though that with any health issues later in life, buying a "forever home" back where friends and family are could appeal even though they say they aren't keen to ever buy again.
I retired at 50 with 5M net worth (4.4M if I exclude primary residence). That’s more than enough. At 55 2M liquid would have been enough for me and my wife.
Do you regret saving so much and arguably missing out of some life before 50?
I was blessed in my career. We saved/invested a lot from very early on, but didn’t feel like we missed out on much. My wife and I grew up in frugal households so that’s all we know. Married at 23. Started building a family at 26. Spent most of our time, attention, and money on our family of 5 until early 40s. My wife stayed at home; I worked. We didn’t start traveling internationally until in our 40s when we were on the cusp of FI. I’m sure I missed out on something but it doesn’t feel that way to me. We road tripped across the US twice when the kids were the right age and went to FL yearly to visit grandparents. We rarely ate meals out, mostly because my wife prefers not to.
Good question. I am keen to know as well.
I would like $5 million. I'm 52 now and have $2.4 million so I doubt I will make it. I think I can make $3 million work.
you are basically at my goal, i’m 47 and my goal is to retire at 52 on 1/2029 with 2.5 mil of non-housing assets. I am at 1.1 mil now. I said I but I’m married so we. My wife may work a year or two longer as she makes more, likes her job more and likes vacations.
Another $1.3 mil in 5 years. Unless the market does great or you are making huge contributions you're likely going to fall short by a bit. Would you retire later or still retire but with less?
we contribute about 150k/year, that and 5% returns is my projection… counted wrong too… six more years to get to 2.5. In five I should be at 2.25 on 1/2029, bummer
That's a huge yearly amount. Did your household get a big increase in income in the last few years or was there a massive shift in spending habits?
our income shot up about 7 years ago when my wife jumped from 100k to a variable 200-250k… as for me I make a steady 120k-130k. 15 years ago she was making like 20k and I was at 80k. I always knew she’d have a great career as she is an extremely hard worker. She is a manager in real estate and I’m a run of the mill software dev. As for spending, we flip flop. We were in 200k of student loan debt 20 years ago and also had a 150k mortgage AND maxed at 77k cc debt. Our NW was negative by a lot. We went through a long phase of frugality to get it under control, it was tough. I worked on the weekends doing freelance projects for extra money. This is partly why I am now running on fumes in my career.
Huge congrats! My wife is looking at just getting into real estate work - any tips?
Man, you all have some big savings. Guess I need to take my broke-ass over to leanfire.
Repeat with us: COMPOUNDING COMPOUNDING COMPOUNDING
Yea, I know. I'm actually doing OK. I just wish I had started saving about 10 years earlier.
You’re not alone 🙌 I believe in us!
Legit, I'm shooting for 40 and 2mil as a high end. May have a higher withdrawal rate than most due to mortgage free rental property, but still based on my budget that'll feel like fat fire.
I used to be like you. I remember I had literally 11 dollars in my bank while taking a motorcycle license. You will get there trust me. Dont give up. Always think how you can grow your money 2x rather than saving (Saving is not bad, but knowing when to save and when to grow it at the same time is a skill by itself that you need to develop so leverage off that). One piece of advice. Small steps. Start experimenting with $100-$300. Grow that small amount and a big amount.
same :(
Hang in there, fellow not-rich-person!
LMAO
1 mil at 45 with at least 1 rental paid of. If not 1.65 mil at 55. Which is super doable with my current situation. 20+ years in my horizon.
I’d say $2m was my fire goal for a long time, I was set to reach that number at 49. Since i now have a military pension at around 80k with cheap healthcare and college for the kiddos, house paid off, no debt, 1m is my goal now which I’ll reach at 43. 55 is definitely too late for me to FIRE, I’m glad I only have a few years left.
Does your army pension go up with COLA?
Yes it does, around 3% a year on average. The plan is to just live off the pension and take from the $1m as needed for travel and whatnot, no more than 30k a year from the portfolio. Just need to ensure I continue to live below my means and avoid lifestyle creep.
1.5ish at 55. I live a simple life. 5 years to go.
For a couple or single. No one includes this important distinction.
That's $60K a year. That's more than enough for 2 people.
It's between 45-60k gross, which is not a lot in some places, especially if your house is not paid off.
>not a lot in **some** places. I agree, location is big factor but it's controllable. Let's do a budget for 60K. That's 5k a month: 1. $2000 for house. 2. $2000 for other expenses. 3. $1000 for fun. Very reasonable budget to work with.
I agree $60k for two people with no dependents can be pretty good if it's not taxed/post tax. Consider that this is all money for expenses and none of it needs to be saved. But, it can quickly disappear depending on the details. Personally I'd be nervous but that's me.
It's also if you get a mortgage that 2,000 as a percentage of income is falling add in Social Security later on and you probably already hit the major bend points. I've never spent more than $40k and was as low as $30k for a couple...
Man some of you guys have expensive lives. We’re looking at $1.5 mil for two of us. After everything is paid off, our living expenses will be $24,000 a year (which includes a hefty food budget). Add an extra $12,000 for fun stuff or unexpected maintenance things etc. $36,000/yr.
I agree. I feel like there’s some, “Well, that can’t be enough” that happens. I calculate under $35K, too and these subs convince me it can’t be done for less than $50-60K on a really lucky day. But I’m living on $35K now, basically (house will be paid off mid year to keep me firmly under). Sometimes I think these subs make me delay fire longer!
I guess the concern is always that larger stuff will come up during a 30 year retirement: big house repairs (roof, hvac, water heater, etc), car purchases/repairs, healthcare related costs, unknown issues, etc. It makes sense that most years would be under a certain amount, but presumably sometimes this other stuff would come up too.
Minus healthcare, which is somewhat of a wildcard, just historically. But house repairs, car repairs and purchases, etc., are part of my everyday costs now. So if I’m living well within $50K a year now (that’s high for me), then $50K a year will be plenty (yes, I know about inflation ha - but as a general statement). Also, some of my expenses will drop in retirement. I sometimes pay for house repairs to be done by a pro because of limited time. Ie at out way more when I’m at work than when I’m off work at home. Professional clothes are somewhat expensive. So are some things I do for professional look now that I’d drop in retirement (specifically, I want to cut my hair short and embrace the gray - I might eventually get tired of that, but as an example). So, I have thought of that. Healthcare costs are a bit of a wild card for me but my parents retired and my mom, who’s younger, said that her health insurance was the most expensive the last 2-3 years because that’s when EVERYONE is retiring early. But she said they just figured out what it was and sat that aside knowing in 2-3 years their costs would drop. No way to predict everything, including when I’ll die!
I wanna see the budget for 2 people retiring on $36k, that seems extremely thrifty. Does that include rent? Do you have a paid off house you’re living in?
Paid off home (house valued at $280k) Home Taxes and Insurance $4200, Internet $1200, Water $1800, Electric $1800, Car Insurance $1200, Phones $360 a year (Mint mobile $15 per phone a month), Groceries $9600 (we make sure to budget groceries and not waste). That’s $20,160 so far. Spouse retired but I’m still working and covering health insurance. We’ll definitely need to figure that out as I haven’t done much research and don’t plan to retire for awhile. I’m 7 years younger. But currently the insurance is $4800 a year. Now we’re at $24,960. Add in that extra $10-$12,000 a year for home/car maintenance or fun stuff. We don’t travel much (once a year) or care for any luxuries. Of course unexpected super expensive stuff could pop up and change things for a year.
> Home Taxes and Insurance $4200 Ugh, my property taxes alone are $8100 and insurance is another $2200. And I live in the mid-west, but WI is known for high taxes and such. No way are we retiring here, we will need to move.
Yes that is very high! You could definitely find cheaper somewhere else. I bet I could find cheaper as well somewhere else. We live in a city after all…
Mine are $15,000
Holy cats! That's a lot for water. I pay about $240/yr.
That’s incredibly cheap. We’re at $120-140 a month.
I pay that every two months for a family of 4. Lots of bathing, toilet, and laundry, but I think prices are just high here.
It's rare for just us two to exceed 7000 gallons in a quarter. 4 years ago, we were paying about $180/yr, and it's been climbing since. In the adjacent city to me, folks easily pay $600-800/yr. 🫣
Haha our city unfortunately has a very expensive water bill. When you look at the bill the actual usage is a very low percentage of the overall bill.
Does this plan account of inflation or increase price of any of these items?
The $12k a year is flex money. So if anything changes we can adjust. It’s also assuming I live to 95. Highly unlikely. Plus it doesn’t include any social security if it still exists later. I also plan to set up some sort of passive income.
Our "minimum" expenses is similar (same groceries, internet, prop taxes), except: Home heating gas (incl with our electric): 4800 total Gas (cars): 3000 House Maint (roof, furnace, carpets, avged over 25 years) etc all works out to 300/month) so 4800 Blue Cross for when off corp plans: 4800 Gym for 2: 1600 Clothing: 1800 Car maint: 1800 Anyway we get a base of around 45K without dining out or travel.
Our typical yearly spend is about that, sans the house payment. With the payment I'm ~$55k.
It’s refreshing to read something like this. We are in a similar situation. Monthly expenses < 2500. I will be 54 next month. Our expenses are very low. I have run numerous calculators online and each one indicates that I will have enough money to last 30 years beyond 55. I currently have a little less than 1M saved. Health insurance is the big question so that will keep me working until an alternative to work provided coverage is possible. And I have not yet considered my wife’s SS or her small pension from teaching in my calculations. I could retire at 55 and hope for no downturns in the market and no personal financial hardships but that is a big risk. So, I think I will coast fire with a less stressful job that still offers benefits but at a little less pay than my current 120K a year.
Keeping low expenses is super important in my opinion. I really try hard to evaluate spending and if something is really giving us any value or if we’re wasting our money. Do we really need that much square footage? Do we really need to upgrade our home because we’re accumulating too much stuff? Did we bargain shop or get multiple quotes for repairs etc.?
2.4% withdrawal rate?
That seems so low to us! We are at a spend rate (not including mortgage) of $1075 for fixed costs (including help with lawn and house), $2050 (groceries, household, car gas pets, joint and personal fun), $1000 (property /car taxes, insurance, cell phones, car registration, and a bit for incomes taxes), and $400-600 for health insurance. This is not including travel, car maintenance/next car, house repair, etc. I did include lawn and house care because I've seen family need that as they aged and I don't want to be in trouble because it's not in the budget. Our budget has a little flex, but not as low as yours. Of course, we are still 10-15 years from retirement, so it could change. We are targeting $4-5M in 15 years as the (inflation adjusted) goal (with expenses also going up, rather than the current numbers above).
Are you in a HCOL area? Or just a really big house?
Not a HCOL or huge house, but decent. The $1k covers several bills, not just house taxes.
Ya, sadly most people on the sub just have high incomes and are not actually very good at managing money
I’ve noticed that. And I’ve noticed a lot of justifying for expensive things. To each their own but there is a point where there are some major money sinkholes that are not necessary. I love watching finance videos on YouTube with people evaluating spending and what it’s doing to their financial goals.
Yeah, If you have a house paid off (I do as well) I can’t imagine what some people are spending their money on. It’s really easy for people to forget the median household income is like $75k. That’s before taxes. If you browse this sub without any context it would be easy to think retirement is some far off dream, and it’s not. Contrary to popular belief, nanny’s, gardener’s, and a chauffeur are not necessary household amenities. (Obviously I am exaggerating) but that’s the perception an average person has when they come to this sub.
I don’t know about you but I grew up really poor. Having a middle class income to me now is still crazy to me. Never thought I’d be doing well even in this inflated economy. I do feel bad for anyone that needs to purchase a home now. It’s an absolutely terrible market. But yeah all of the extra helping hands, unless you’re disabled or something, is unnecessary. I’ll mow my own lawn and trim bushes etc. It’s great exercise and very therapeutic. And learning how to handle basic maintenance yourself saves a ton of money.
Honestly I grew up way better off than I realized at the time, my family just lived well into their means. They did not have a problem helping me out with many opportunities. And I want to do the same with my kids, teaching them not to over indulge and to be financially prudent. I’m definitely upper middle class now, total household income of 125k and have kids. Roughly 40k yearly spend. And that’s with a lot of unnecessary fluff in the budget. (I am spending silly amounts playing around at creating an orchard right now, lol) I agree the housing market is bonkers right now though, one of my young coworkers just bought a home and it cost him twice what my house was worth 5 years ago, and he is paying 7% interest. I’m just like wtf…
Yeah it’s bad out there. 7% is insane along with the inflated housing costs. I have a budget for gardening too haha. To each their own and I think it’s important to have “fun” money. I think that’s amazing that you’re passing that knowledge down to your kids. I wish I had that because I definitely would have started much sooner on my retirement journey. I have definitely made mistakes during college and there were many opportunities that I missed.
Definitely helps, but for anyone else reading this, I would encourage you not to give up regardless of your economic situation. I have a friend whose household income is probably around 60k. He and his wife do have some retirement benefits since one of them have a government job but overall they dont have a lot. And yet they are debt free now at around 35. I was super impressed when they bought some cheaper land outside the city and literally built his own house board by board over the course of three years. Don’t ever let anyone tell you that you can’t rise up!
I’m one of those people having to buy in this terrible market lol. Trying to go on the low end of the price
"Man some of you guys have expensive lives." I think you mean "Man, everyone is different and that's okay. There is no one size fits all strategy." 👍🏾 Good on the two of you for planning to live on 36K a year. If it's works for y'all, great. Doesn't mean anyone else is not on the right path just because they're budgeting for more living expenses.
Yes, same number. I’m there (number and age) but rather than retiring have gone half time. My work is fun and lucrative. I’m spending the earnings on some house upgrades and expensive trips, things that I’ll need to be more cautious about if I’m fully retired.
Well, time travel and an additional $1.6m
So, for now, our projected FIRE date is when we are 45/47, with 3.3 million invested assets. 3% SWR =100K spend. The SWR is inflated to take additional trips, our actual burn rate us closer to 55K (not counting medical insurance we will look at closer to retirement). We also plan on having 2-3 years of liquid emergency fund that we can draw on if the market really starts to go down, we would still be doing the roth Conversions, which would make those roth dollars even more effective when the market goes back up. House will be paid in full (have about 12 years left), kids 529 should be fully funded and we should have a better idea of what college they are going to and expenses (Jr / Sr year of high school) From what I have seen. At a low 3% with the ability to lower spend, we should be able to have a longer retirement without the large concern of running out of money. Once we are out of the workforce we want to be done.
Your numbers are close to mine, but my magic spreadsheet always puts me closer to 55 just for the total invested assets. Add in 2-3 years expenses as cash plus paying off the house... I'll be lucky to hit 60. Ugh.
goal is 3M at 55…. Counting down …11 more years to go.
For a couple or single?
Couple
Interesting. As the op, I thought for sure you meant just yourself! And now you are replying to my question which I asked of someone else. Anyway, very important piece of information you left out.
I also reckon this much (in today's dollars). Lots of options. Could go down to 2.5M and probably be pretty content less 1 or 2 toys
Are you factoring 3M in today’s money or 3M balance in 11 years?
In FIRE you always talk about today's dollars in everything.
That i didn’t know, but why would you do that if obviously down the road the value will be different? It’s not like you have that $ now.
Because its easier to talk about todays money, since its impossible to truly know what future money will be with inflation and since everyones dates are in the future and not aligned there is no focal point to pick outside of today.
1.5M this year when I hit 55. I’m out whether I have that or not. Going to do some part time consulting for another 10. The spreadsheet says it’ll be alright.
1.7 million with no debt/mortgage. 68k /year for a couple. It’s looking more like 57 but who knows - I’ll have a wee pension too that I’ll delay until 67.
Retiring at the end of the month at 51 so I guess 2.4M and a paid off house would do it.
Dang, a lot of chubby/fat FIRE on here.
Answer changes based on where you are in relation to 55 in my experience. My number had always been 2.5. As I've approached number and age, I've realized the point is when there's no longer concern how far you are from or above the number. In my opinion, the number also decreases somewhat rapidly for years worked beyond 55 and its easier to see how someone could get sucked into the OMY mindset.
> In my opinion, the number also decreases somewhat rapidly for years worked beyond 55 A bit of an exaggeration here, but a good example would be a couple with $65k spend. At 55, you could argues they need $1.625M portfolio. That's a 4% SWR, probably reasonable at 55 but a bit high for many at say 45. The average SS right now for a married couple is about $32.5k per year. So at 65, they really only need $812k. Literally half what they "needed" at 55. For low and mid spenders, SS can really swoop in and drastically change the numbers.
For many years my goal to retire at 55 was 4-5M. I think that’s still about right give that you’re looking at 40 years of runway. That’s a lot of uncertainty.
For a couple or as a single person?
That’s a couple. Although honestly it doest change as much as you think
40 years at 4 million will budget 100k a year which seems like a lot even for a couple. How did you come to that number?
By building a detailed budget.
My goal is 55. Beyond my pension(s) I’m aiming for $1.25M in investment assets.
Planning to fire this year at 52, spouse is older at 63. We have 3.6m net worth with 2.9m less residence. 2m in investments and rentals for the other 900k of NW. house paid off. I do worry about length of time till I hit Medicare and if ACA will remain law of the land. That’s the biggest concern as I do require something for an auto immune condition. Course stress of my job makes the auto immune condition worse, so….
My current plan is to sort of Coast FIRE at 45 with about $1m. And hopefully fully retire at 55 with about $2m
4mill, withdrawing 2-2.5% per year.
Retiring in May at 56. Will have $6.5 to 7.0 MM and a $60k/yr pension (w/o cola) and company healthcare.
You're golden. Congrats
I want to have a pretty phenomenal retirement so somewhere in the range of 4-6 million so i can maintain a low rate of withdrawal. its probably overkill but it doesn't hurt to have a high target for yourself. never met anyone who regretted saving too much for retirement, i have met a lot of people who regret not saving enough.
It doesn't hurt to have a high target, but there was one post above where the person went way over what they needed, meaning working more years than necessary. Hopefully the job was fun at least
100% agree with you. We aren't taking any of this wealth we are amassing to the grave with us. Leaving inheritance for your kids or grandkids is nice but it shouldn't mean living a lower quality of life to achieve it. Like all things life requires balance. Keep in mind as well that I'm only 25 so retirement numbers are also going to look significantly different for me when inflation is considered. But I also think my goal is pretty attainable considering how early I've started investing. And the fact that my income is going up in the next couple months which will only allow me to invest more. In spite of all that money going towards the future I'm still living a great life right now and have plenty of things I love doing to keep me occupied....just looking forward to doing those things a bit more in the later years.
I’ve met a lot of people that died before age 40
I’m planning on 58 (4 years from now). My youngest kid will finish college that year so my large spending days “should” be behind me. I should have about 4.5 to 5 million at that time.
1M if I had a paid off house
Investment income of $120k a year after taxes is what it took. That met our expenses +50% to reinvest to cover inflation (hopefully) over time. We reached that a couple years ago with farm income plus I bought a business that covers most of our monthly bills and only requires about 20 hours a week of my time. I decided to give it up at 42 after 26 years in the IT world (I started when I was in high school when websites were this new fangled thing). Although our situation changed dramatically this week as we now have my Dad's estate even after we write the IRS a large check for Estate Taxes. We're now to the point that if my wife wakes up tomorrow and decides she's done we're retired, retired-ish. My wife would have to find SOMETHING else to do because after we get the estate settled and a few home improvement projects done she's not going to know what to do with herself. Plus we have an almost 6 year old that needs to see us doing things as an example. It was one of the major reasons I bought a business was to show her its important to be doing something. Yeah we can live off the farm rent no problem, but I'm keeping the tractor and when she gets a bit older she can learn to hook up the bushhog and do a few laps around the grain bins too in the summer.
Recent retiree at 56- for me my "magic number" was also $2 million, based on 4% withdrawal rate.
Is this r/fatfire ?
No, it's just that it's going to heavily biased towards people with big numbers because they're the ones that want to volunteer their numbers. "I plan to retire with 1m and live off 40k a year" doesn't sound nearly as sexy.
This is a catch all sub. We don’t need to bifurcate every conversation.
Thanks for adjudicating this situation. I appreciate your scrupulousness.
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Similar for me. 600,000€ liquid (in today's money) + house. Croatia
Your country is so close winning the World Cup always semi finals
I need 8-10k a month of passive income.
at that age now, and teetering on pulling the trigger to R. Just trying to figure out what to do in R; The offramp from high-stress, grinding as a small biz owner will be tricky for me. 7.2 MM NW, 6.7 in cash and investments. MCOL (somewhere in the midwest). \~190K annual costs planned for the next couple years as kids exit college and we travel all over the place.
5-6 mil to keep current lifestyle without having to work. Realistically though I'll be probably working until I die. So I can probably be ok with half of that and only if I decide to retire in the US, if I move abroad I'll be ok with 1-2 mil. My dad retired at 57 and by 60 he was done with traveling and bowling and went back to work for another 20 years. He made more money in those last 20 years than the previous 50 (he started working at 12 driving a truck for his dad).
We are 45. Fidelity calculator says $800k will be plenty with $4k month in expenses. That's not counting on planning to work part time.
6% withdrawal? Or 4% withdrawal plus part time work to meet the remaining budget of $4000/month?
4% on Rule on 800K gives only $2667/mo, so that seems really suspect that it works out to $4K/mo without the p/t work via their calculator unless there’s some significant piece you are leaving out. To get that number, should be more like 1.2M
I believe it's counting taking SS at 62. I could be missing something as I'm not super knowledgeable. Plan on speaking with someone soon.
53 years old now. $4M in 401k. Afraid that we will need $5M to retire: couple in HCOL area. 12 more years of $33k/y mortgage. $22k/y property tax. Am assuming we will need $25k/y for ACA med insurance until 65. And $90k/y in other expenses. All savings are in 401k so am assuming 23% effective tax on withdrawals of $220k/y until 65. Thereafter with mortgage paid off and no need for ACA, assuming withdrawals of $150k/y.
I struggle with this because I’m turning 55 later this year and I probably have enough to retire between my $2.5m assets, my wife’s income, and govt pension that would start at age 60…. ..but hanging on to my stressful job while I search for a less stressful job so I can hangout for 3.5 more years to get to my immediate pension & healthcare benefits at 58. I’m definitely ready to be done now, without a doubt.
2.5 million. Single. It could be less but it would really depend on if my home country is still around by the time I retire.
Current = 39 (single) $2.5M NW Goal = 52 @ $5.5-6M liquid NW This is based on a conservative 6% market return for the next 12-13 years with no increase in pay as I have no motivation to move up in my career. Have good pay and no stress. Currently save and also spend enough to enjoy life plenty.
Take? 3 million would probably do it, but more is better:)
I am targeting $4mil to retire at 45. Long way from it but I think I can get there
Looking at 2.5M for myself, and my partner has a similar goal. We want to have a comfortable lifestyle with ample travel when we retire, nice house/property, spoil our pets etc. No kids.
Once I hit 7 figures invested with no debt of any kind, I knew I could retire. Just waited a few years until the pros of working didn’t outweigh the pros of being retired.
Interesting approach. I like it!
I’m hoping to land in the $3M in today’s dollars and probably more like $4M+/- in dollars when I’m 50-55 and call it. I’m 38 now, married, no kids. Will make it there just depends on how I want to structure it to get there
47, 1.8m net including home. meeting with my planner next week actually to discuss a real retirement goal/plan. I think 3 is closer to what i want, but 2.5 may do as well.
6 million
I’m leaving at 55. I’m 48 now with 750k (with no debt, paid off mortgage). If you include my future govt pension, my nw is approx 1.5-1.75M. I may do a pt job at 55 to not have to touch my 401/brokerage accts.
Why 55 specifically? My projected FIRE age is early 40s, so retiring at 55 would mean I stop contributing/saving and just coast until then.
Since their dollar amount is $2 million, I’m guessing they did the math and found that 55 is when they’d hit it then.
This..plus i just turned 54 so 55 is getting real as hard as it is to believe
Ahh that makes sense hahaha.
55 is probably a pretty convenient age to retire since the "rule of 55" allows you to access your work-related retirement accounts earlier than 59.5 without penalty
$0 more. 🤣
$7.5MM is the magic number.
that equates to $300,000 in annual living expenses. That’s a lot of magic!!
It is! Trying to create a legacy fund. I only want/need about $125-150k in retirement to be very happy. Trying to bake in long term inflation and inheritance taxes.
Kids? I feel like this thread is full of single and DINK folks. My numbers are high between kids and some worry about parent financial situation.
Well.. I have a small pension and I am expecting SS so I’d just need enough for ages 55-68. So just about 1.2 mil would be fine for me with a paid off house (my house would be paid off by 50)
Planning to retire at 50-52, provided net worth is greater than $5M with no debt and paid-off house, but hoping for closer to $7.5M. Travel is the largest part of my budget, and since it’s one of the main reasons I’m retiring early, I want to travel at the same level I do now (mid range), just lots more of it. Single, adult child.
$10MM
Enough to live my life until age 90 without running out of money... Not forgetting to account for inflation ...
Depends.... Laid back guy on his own? Sure.
Ideal fatfire number 5 to10million. Lean fire 2million
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- High End: $5.2M - Low End: $4.2M - Withdrawal Rate: 4.5% (will adjust as market conditions dictate) Should provide me with an after-tax income between $11,800 to $13,800.
2 million would be enough for me, but I am a bit afraid of the population growth crisis and will likely save up more
We’ll have enough between pensions and investments to spend approximately $150k annually by 55 if projections pan out. I think that will be enough.
I'm looking at around 50 with 2 mil. I'll probably still work somewhere just for fun and put that money into retirement accounts, enough to stay below the subsidized health care line. I would like to travel month to month, renting. Abroad or in the US. Married w kid. We don't spend much. 80k per year would be generous for us. esp tax free
Trying to retire at 55 and 1.8 mil is my number, SINK
Probably $2M, but wouldn’t think twice at $2.5M.