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Author: mazske Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5069  
Subject: Re: How much to FI/RE Date: 8/6/2003 8:18 PM
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I'm roughly estimating that if my house was paid for and my kids were grown, which, according to plan will both happen prior to my projected FIRE date, that I could live easily on 20-25K. That's in todays dollars, of course.

In today's dollars, I am projecting a pension from the Navy Reserves for about $1100 a month or so and from the police department of about 1K or so. Those estimates, subject to change, come to $2,100 a month which is about $25,000 a year.

Whoops, one glich in the plan is that I'm not eligible for either pension as of yet. Even once I'm eligible for the Navy pension, I can't collect it until I'm 60.

That's why I'm saving about 14% of my pre-tax gross income as well. I also up my savings rate everytime I get a COLA raise or any other sort of payraise.

I will be ready to FIRE when I'm 50, barring any major shakeups in the world.

In the meanwhile, I need to stick to the plan, keep plugging away at both my job and the Reserve job and I need to keep myself and my family healthy.

There's a lot to this plan and a lot of wrenches could get thrown in. Only time will tell.
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