playing with FIRE calculator

[LivingAlmostLarge]

Do you guys ever play with the FIRE calculators? I just spent 20 minutes today dreaming. Thought it would be fun. Interesting stats.

We retire at age 53 and 55 in 2034. Without saving another penny or counting on SS $0 we can retire with our current portfolio at $105k/year. That's almost enough to cover our spending. That includes only our taxable/retirement portfolio not counting our home equity in anyway. 100% success for 50 years (we live long in our families so hitting 90s is highly likely).

Assuming we save for the next 14 years $30k (maxing out 401k and Roth IRA) we can generate $135k/year. This is very feasible. If I include SS it goes up to $150k/year. I'm pretty happy and ready to hang up for DH. Guess the question is will he hang it up?

Do you ever play around with retirement calculators? I am 41 and retirement still seems so far away but it's really not It's less than 15 years from where I think we will be.

[kork13]

I'll play with it occasionally, and I seem to consistently come up to having enough to fully & securely retire with no less than $100k/yr somewhere around age 45-50. Not sure what we'll actually do, but that's about 10-15 years from now... So we still have some time to continue dreaming & deciding on what we want to do when we grow up.

[rennigade]

Yep, ive use it before. Always seems to come out to 100% even if we both retire at 50. I dont think I ever tried to go above $100k/year spending. I assume that we both live till 95.

For those that want to play with it https://www.firecalc.com/

[LivingAlmostLarge]

Dreaming if we contribute and use SS we can have $155k from age 55 to 100

[rennigade]

Dreaming if we contribute and use SS we can have $155k from age 55 to 100

I always keep SS at 0. Doesnt seem to move the needle much (on the grand scheme of things.)

[cypher1]

I've looked at FIRE as it's an interesting concept. I feel I'm on the right track for retirement/contribution rates, but I've accepted that I'd rather delay time to retire and spend more vacations/travel beforehand. That should probably be a separate thread; retire earlier, or delay it and invest more experiences?

Excuse my ignorance, but with FIRE what do people do for health insurance/coverage if they're not employed? I'm assuming they just factor more costs within their retirement/budget numbers?

[rennigade]

Excuse my ignorance, but with FIRE what do people do for health insurance/coverage if they're not employed? I'm assuming they just factor more costs within their retirement/budget numbers?

Pretty much. You just figure out roughly how much its going to cost. Sort of hard if you want to retire 15 years from now...but just over estimate on what you think it will be.

[riverwed070707]

Pretty much. You just figure out roughly how much its going to cost. Sort of hard if you want to retire 15 years from now...but just over estimate on what you think it will be.

Or retire to a country where healthcare is affordable

[Singuy]

Hmmm, I just plugged in my numbers. If we spend 65k/year and retire at 37. In 55 years our portfolio will be 32 million dollars? Lol. Okay I guess I am quitting.

[disneysteve]

Or retire to a country where healthcare is affordable

So basically any developed country except the US.

[disneysteve]

Hmmm, I just plugged in my numbers. If we spend 65k/year and retire at 37. In 55 years our portfolio will be 32 million dollars? Lol. Okay I guess I am quitting.

Go for it.

[Singuy]

Go for it.

I am definitely considering dropping down to 24hr work week way before 5 million as apparently that's not needed according to this calculator. As for full retirement, we can't do that as we don't have enough hobbies to make ourselves useful at this age. Scaling down to 50% working hours for the next portion of our lives probably has the best balance.

[disneysteve]

I am definitely considering dropping down to 24hr work week way before 5 million as apparently that's not needed according to this calculator. As for full retirement, we can't do that as we don't have enough hobbies to make ourselves useful at this age. Scaling down to 50% working hours for the next portion of our lives probably has the best balance.

That certainly makes sense.

I'm actually thinking along those lines myself. I work 36 hr/wk currently but assuming things cruise along well, in 4 years I could drop down to 24 or even 20 hours.

The wildcard in my case is inheritances. My mom is 90. She's in pretty good health for a 90-year-old but at that age, you never know what might happen. I am the sole beneficiary of her estate. My cousin is only 65 but has metastatic cancer. He was given an estimate of 5 years to live about 2-1/2 years ago. There's no telling how long he'll actually live but it won't likely be long unfortunately. I'm the sole beneficiary of his estate. Between the two of them, I'm in line to inherit in the neighborhood of $1.5 million at some point. If I end up getting that money sooner rather than later (which I hope I don't of course), that could materially impact my retirement plans.

[LivingAlmostLarge]

Hmmm, I just plugged in my numbers. If we spend 65k/year and retire at 37. In 55 years our portfolio will be 32 million dollars? Lol. Okay I guess I am quitting.

So you are about to fire? Why not?

[Singuy]

So you are about to fire? Why not?

Decided on Jan 1st I am dropping down to 24hs/week just for family insurance...and gives me something to do.