What's your FIRE milestone? Age? NW? Passive Income Amount?
  • For those of you that are pursuing FIRE, what milestone are you tracking that will let you decide that you're done?

    For me, it started off as a monthly passive income number, but now I'm thinking that it's not the best. I can imagine me adjusting that number up "just to be on the safe side" and essentially cheating myself. Now, I'm thinking the best should just be a specific year or date regardless (within reason) of the exact numbers at that time.

    For those of you that are already retired, how/when did you finally decide to do it? Did you have a problem with "cheating" and "one-more-yearing" yourself?
  • @Jason - I originally shot for age 40 to retire, b/c 40 would mean the statistical half way point. I didn't want to spend most of my life in incubation studying and working to live. But at 34, I had 10 years under my belt at one firm and had been tracking my expenses and saving like a madman for 12 years. With the passive income and online endeavors and decline in fun in the finance industry I took the risk.

    The Number is always a moving target, but the age is not. The age target becomes more ominous the older we get. We can always make more money, but not more time.

    We need much less than we think to lead a happy life.

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  • @Jason Sorry for the silly question, but what is FIRE?
  • @ayoungpro - FIRE = "Financially Independent Retired Early"
  • @Jason gotcha, thanks
  • I'm shooting for 45 (I'm 28 now). By that time I would like to be retired from full-time work and able to work part-time as an adjunct professor. My goal is to have enough real estate income to be able to pay my monthly expenses and have my part time pay for "fun" money.
  • 50 years old is my target age - house will be paid off, no debt, and a cash flow of $4,000 a month from all my investments and business endeavors is what I require. If I reach $5,000 a month in business and investment income before then, I'll certainly be tempted to do it earlier. It's just that at 50, the kids will be out of the house and my wife and I will have no debt - so free to do what we wish.
  • @Jason, I have been making this calculation for 35 years. All I can say is, the number/burn/age will change...a lot.:-) I first calculated at 18, that I could retire at age 30 (living in a paid-off mobile home in the desert, single, $600/month expenses); sounds silly now, right? I actually lasted in the workforce until age 52 (very recent departure). The Number, monthly burn, age are all a lot higher than I ever imagined, and I'm still nervous about it. We are burning at $4-10K/month, and have planned for more; it is working...so far.:-)

    I think the biggest variable is housing; FS talks now and then about 7-figure homes in SF, but the affordability issue over a lifetime eliminates most people. A very nice home can be had in WA or TX, with water views, for $400K (and no state income tax). Small condos in Las Vegas are had for $75K, for minimalists who don't mind heat or neighbors. After housing, I think you could have a comfortable life on $4,000/month, a figure you have used; very doable. As years go by, you may find you desire more choices, comfort, or quality, and increase that amount. PF broadcaster Bob Brinker has noted that he considers an 'optimal lifestyle' to be one that allows you to 'golf every day at a nice course'; that works out to $110K/yr average (+/- 25% depending on location).

    I think it is doable for many, if they exhibit the discipline you, and others, have shown. A rough example:
    Current Gross: $100,000
    401K savings: 17,500
    Social Securty Tax 6,200
    Medicare Tax 1,450

    Net Income: 74,850
    Social Sec Pymt 20,000
    Adjusted Net 54,850

    @87.5% needed 48,000 = 4,000/month

    My thought is one could replace $100,000/yr income, after receiving Social Security, and have no change to lifestyle at $4,000/month.
  • @JayCeezy - Man, I really hope Social Security will be around in 30 years. What a windfall it will be as folks under 40 I really don't think are expecting ANYTHING from the government.

    $10K/month burn is chunky mate. Whatcha spending your benjamins on?
  • @FS, you may find this hard to believe but that has been a concern for people for a very long time (hint: folks older than 40). Up until just a few years ago, I didn't even count S.S. in my plans. For all the people who advocate "means testing" for Social Security (hint: folks younger than 40), sit back and lay your burden down. Bill Clinton's tax reform in 1993 taxes 85% of Social Security income above a subsistence level; that is the 'means testing'. Done.

    Mrs. Ceezy and I have done a bit of traveling, made some capital improvements, and supported our satisfactions. We are past the 'aquisition' phase, and have simplified and stripped down possessions. One thing I got, is a stumpgrinder; I am loving it! That beast is my pride. Though I watch little TV, I am fascinated by "Ax Men", and am doing a remarkable amount of land clearing by myself. Funny, now I am retired I have effectively stepped into a grunt-type manual labor job of my own creation, and I am loving it. Traveling, at this time in our lives, is not really appealing anymore. Going to Europe the 10th time is not as fun as the first. It is a huge hassle, and I will leave it at that. We have a low-impact lifestyle, and have embraced ourselves as "old f@rts":-) We would be very happy with a $4K/mo drawdown but are glad we have a choice.
  • Shooting for 41, max 45.
    I think I'm shooting for a passive income amount of $10K-$20K. Not sure how I'm going to do it yet, but it's a goal to have!!!! Something tells me my passive income at that amount won't *really* be completely passive but hopefully it will at least be something that I enjoy.
    At the same time, that seems like such comparatively young age if I live into my 90's or 100's the way my relatives did. I better have a purpose to my life, I can't just spend 60 years faffing around LOL.

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