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Started By
Message
How many days of retirement have you bought?
Posted on 6/30/20 at 9:53 am
Posted on 6/30/20 at 9:53 am
Do your math
How close are you to 365 “freedom days”?
I’m just over a month using 3.5 SWR
How close are you to 365 “freedom days”?
I’m just over a month using 3.5 SWR
This post was edited on 6/30/20 at 9:56 am
19
Posted on 6/30/20 at 9:59 am to jimbeam
48 days. Long way to go 
Posted on 6/30/20 at 10:03 am to jimbeam
(no message)
This post was edited on 4/10/23 at 4:03 pm
Posted on 6/30/20 at 10:10 am to jimbeam
169 days, but I'm just guessing on the $50,000 annual spending in retirement.
Posted on 6/30/20 at 11:12 am to jimbeam
How do you determine the safe withdrawal rate?
I also don't really know what to put for the annual spending..I don't keep good records
I also don't really know what to put for the annual spending..I don't keep good records
Posted on 6/30/20 at 11:21 am to jimbeam
this brings up something that those of us at certain age think about alot...
lets say you (I) want to retire at 60.
lets say you (I) live simply, have very few expenses and no debt.
i have always had in my mind i need 1MM in accessible savings in order to that. i could get there today but i'd have to sell my house to do it.
so in 7 more years i need to save/earn another 250K or so. just thinking out loud...
the moral of this story is start saving early and always remember, once you spend it, it's gone
lets say you (I) want to retire at 60.
lets say you (I) live simply, have very few expenses and no debt.
i have always had in my mind i need 1MM in accessible savings in order to that. i could get there today but i'd have to sell my house to do it.
so in 7 more years i need to save/earn another 250K or so. just thinking out loud...
the moral of this story is start saving early and always remember, once you spend it, it's gone
Posted on 6/30/20 at 11:30 am to jimbeam
about 350
Posted on 6/30/20 at 11:41 am to LSU
I figured out all I have to do is get my spending down to 18,000 and I have it made. lol
Posted on 6/30/20 at 4:07 pm to jimbeam
Current spending 41 days.
More realistic spending removing student and home loan = 81 days.
Time to make my wife hate me more with a new budget!
More realistic spending removing student and home loan = 81 days.
Time to make my wife hate me more with a new budget!
This post was edited on 6/30/20 at 4:11 pm
Posted on 6/30/20 at 4:23 pm to jimbeam
I have 52 days of current annual spending.
I have 16 days of estimated inflation adjusted annual spending for 30 years from now.
I have 16 days of estimated inflation adjusted annual spending for 30 years from now.
Posted on 6/30/20 at 4:26 pm to jimbeam
I put my spending at $135k. I think that is a bit aggressive assuming some debt elimination in the coming years, but that is 75% of current spend. With a 3.5 I am at 74 days. Tells me I am about $2.6-$3m shy. Based on 9% growth and my annual contributions I will be close to financial freedom in 10 years. I like it!
Posted on 6/30/20 at 5:14 pm to jimbeam
375 days with a $70k spend and 4% swr.
I'll double that with pension starting in 2 years. We've never spent anywhere near $140k annually. I'm really looking forward to early retirement.
I'll double that with pension starting in 2 years. We've never spent anywhere near $140k annually. I'm really looking forward to early retirement.
Posted on 6/30/20 at 6:39 pm to TorchtheFlyingTiger
487 at %4. Too bad I can't touch most of it until I'm 59.5
Posted on 6/30/20 at 10:12 pm to jimbeam
So yea assuming a 2.1% average inflation until my hopeful retirement year for the annual spend puts me at ....... 14 days.
Ouch lol.
40 days at current spend level in 2020 dollars.
Ouch lol.
40 days at current spend level in 2020 dollars.
This post was edited on 6/30/20 at 10:13 pm
Posted on 6/30/20 at 11:49 pm to cgrand
quote:
this brings up something that those of us at certain age think about alot...
lets say you (I) want to retire at 60.
lets say you (I) live simply, have very few expenses and no debt.
i have always had in my mind i need 1MM in accessible savings in order to that.
With a million in invested assets, you would be able to spend about 35k per year or a little less than 3k per month basically forever. You could up your spending a little bit if you don't care about leaving anything after you die.
It's entirely doable, but you'll either have to have a paid off house, live in a LCOL area, or both.
But keep in mind that a 35k yearly spend in 2020 is probably going to be equivalent to a 65k yearly spend in 30 years.
Posted on 6/30/20 at 11:57 pm to jimbeam
464
Posted on 7/1/20 at 12:01 am to jimbeam
Current spending (I have 4 teenagers) is 95 days.
About 1/3 of the way there.
Expected spending is 132 days. Not quite halfway.
That was depressing.
About 1/3 of the way there.
Expected spending is 132 days. Not quite halfway.
That was depressing.
Posted on 7/1/20 at 12:43 am to SmackoverHawg
quote:
Too bad I can't touch most of it until I'm 59.5
Not necessarily, you could use 72t rule Substantially Equal Periodic Payments to pull money out of an IRA before the age of 59 1/2 and avoid the 10% early distribution penalty tax. Better yet, use a Roth conversion ladder which wouldn't lock you into taking equal payments until 59 1/2.
InspireToFIRE Roth conversion ladder
Posted on 7/1/20 at 7:37 am to TorchtheFlyingTiger
From the FIRE link.
I like the concept of how to get around the restrictions on a Traditional IRA using the ROTH but I think his $35k annual expenses used in the example are way too low. Meaning, it won't be little to no tax on accessing the funds. Each conversion will require about 10-15% more money to pay the taxes on it.
quote:
As mentioned earlier, you DO have to pay taxes when you convert the money from an IRA to Roth account.
quote:
If I started with $875,000 ($35,000 x 25) in my 401K, I would have been able to access more than half of my funds and pay little to no tax on that money!
I like the concept of how to get around the restrictions on a Traditional IRA using the ROTH but I think his $35k annual expenses used in the example are way too low. Meaning, it won't be little to no tax on accessing the funds. Each conversion will require about 10-15% more money to pay the taxes on it.
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