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I can't answer this one, because I have a defined-benefit pension coming up just before my 51st birthday and that's when I will retire. In the meantime I'm trying to get all major medical stuff taken care of and save as much as I can (these goals conflict mightily, by the way).
I guess you could take your defined benefit pension, and multiply the yearly outlay by 25, then add that to your asset base. That is pretty much what it is worth. (probably a bit more than that, but it is an estimate anyway)
>> When you seriously consider FIRING, how much money, in today's dollars, do you want to have on hand to draft from? <<How much do I *want*? As much as possible, of course! But looking at how we're configuring our lives, I think $800K to $1M would probably do it. That may require a little work on the side now and then. If I wanted to make sure we never had to work again, I think $1.5M would do it.But I'm willing to get dirty and work a little once in a while, at least early on in semi-FIREhood. So I'd say $800K could do it. We're a little more than halfway there...#29
enoughthis will vary depending on where we chose to live and what we decide we want to do as well as other possible money streams.rad
I am actually right in between two options so I selected the higher of the two. Our goal is to have $1,750,000 when we are ready to FIRE. While I do think we can get by on less if we had to, we do want to have a comfortable retirement.dt
I voted for 1.5 million.4% withdrawal rate on 1.5 million would be $60,000, which is close to my current gross salary of $64,000. Because I would not have to pay social security taxes and also because I am currently saving 23% of my gross for retirement, I would expect to be able to get by on a lower withdrawal rate than 4% if I wanted to, which I might because I am only 31 and I would like to live a little less large now in order to know that I can do a little more later.
>> When you seriously consider FIRING, how much money, in today's dollars, do you want to have on hand to draft from? <<How much do I *want*? As much as possible, of course! But looking at how we're configuring our lives, I think $800K to $1M would probably do it. That may require a little work on the side now and then. If I wanted to make sure we never had to work again, I think $1.5M would do it.But I'm willing to get dirty and work a little once in a while, at least early on in semi-FIREhood. So I'd say $800K could do it. We're a little more than halfway there...#29 Sounds like we will be living similiar lifestyles as my target amounts are pretty similar. We even like the same kind of rural landscapes (Texas Hill Country).It will take me a while longer to get there than you will. 3 kids and the last entering college in 7 1/2 years.If I get sick of full time work but yet have not reached my target amount, I can quit and do occasional softare contracts to supplement income, yet still have a lot of time off.decath
We're aiming for my husband to retire when he is 52 years old - in around 12 years time. At that point we want to have around 1,25€m tucked away in various pots.Historically in our relationship he is the earner and I am the investor. I brought a chunk of change to the marriage from my own property and investments and he had significant sums saved just not in anything particularly useful.We're just getting to the end of an expensive rennovation project on our own house and are getting ready to buy a second property to generate rental income. We've built up a good mix of shares - all fairly mundane and all performing reasonably well (except Vodafone. I'm just going to forget about them) - that we hold personally. We invest in a couple of managed funds that, aside from a 3 year blip over the end of the 90s, have turned in consistently good returns. The final prong is Hs life insurance policy - a common pension vehicle here in Germany - pre-tax €s are invested and the money is either paid out in the case of death or paid as a lump sum on maturity.We'll be looking at an 8 year gap where we have to fund the life insurance policy before receiving a lump sum when he's 60. Our biggest variable is the cost of future health insurance - it's not as scary as the position you face in the US but it is still a significant cost. We're in the process of weighing up if it would be worth moving to the UK where health care would be free. It's a decision we want to make within the next year or so - roots in a community are important to us and we want to make sure that we have time to esatblish ourselves somewhere before retirement.It's an exciting path - I love the feeling that it's all within our reach and I love the thought of having, hopefully, long years together where we can just enjoy our time.Good luck to us all!D
We're just getting to the end of an expensive rennovation project on our own house and are getting ready to buy a second property to generate rental income.-----------------Where are you looking to purchase your investment property? I have 2 in Ca and having traveled amd lived in Europe for a number of years I would be interested in discussing potential investment areas. You can email me offline if you prefer as this is not FIRE related, really. Also, where are you in Germnay? I have many relatives in Bavaria, esp. near Byreuth.cat
Where are you looking to purchase your investment property?Literally just down the road. We lived in the US when we were first married and I rented out by UK house. I was lucky overall but it was still a pain dealing with problems remotely.We live in the Odenwald - equidistant from Heidelberg, Mannheim and Frankfurt - and we want something that is within spitting distance. Long term our thoughts are that as we get older we'll rent out this old and rambling house that we live in. Accordingly we'd like to buy something now for rental that we could happily live in in another 20-25 years time.Where else in Europe did you live? I've moved around a bit too.
Where else in Europe did you live? I've moved around a bit too.--------------Mostly in Geneva, but I spent many months in Bavaria visting relatives.cat
For me, $1M (after tax) would allow me to quit my current job and live OKAY forever. I would probably work part-time just for health insurance and fun money though. I think $2.5M (after tax) would allow me to never work again.-Steph
>> I would probably work part-time just for health insurance and fun money though. <<Let us know when you find a part-time job with health insurance. A lot of us might be interested.#29
The part time work could pay your premiums.
Let us know when you find a part-time job with health insurance. A lot of us might be interested.#29 I heard (meaning I have no first hand knowledge so take it with a grain of salt) that Starbucks provides health insurance for its part-time employees. I also heard that they spend more on employee health insurance than they do on coffee beans.-Steph
In about 2 months, we'll reach our first FIRE threshhold, but feel compelled to keep working because we still have a kid in high school and don't believe we can conservatively estimate how much we'll eventually have until she's successfully launched.That said, one of us could retire now, so I am hoping to move to part time status soon, just trying to figure out how to couch it to the boss.MP
Let us know when you find a part-time job with health insurance. A lot of us might be interested.------------My company: any 20 hour a week or more position qualifies for full health coverage, $5 co pays (or less) and $1000 family dental plan.cat
That said, one of us could retire now, so I am hoping to move to part time status soon, just trying to figure out how to couch it to the boss.You could do what I did when I was going to quit to take care of my son. I told them I was leaving, but I would stay on part time for 6 months if they gave me, X, Y, and Z. One of those was a nice huge raise :). They gave me everything I asked for with some minor negotiations.In your case, you could tell your boss you're going part time (for some really good reason.. make it up...), but if they really need you, your willing to stay full time for X months... for X,Y and Z. That way, it makes you the good guy cause you're offering to stay on if they need you for some extra time.No matter what ******make sure you ask to go hourly. Don't just say, "20 hours a week" so pay me 1/2 my old salary... thats how you work the same amount of time you do today, and get paid half :).I took my salary, and worked it into hourly, bumped it by 20% and told them hourly pay, but I wouldn't get overtime. Instead it was straight time. Work 50 hours, get 50 hours of pay.... so much better deal then the rip-off I was in before... work 50 hours, get paid for 40, such a wonderful deal.Laters,-d.
Let us know when you find a part-time job with health insurance. A lot of us might be interested.If I remember correctly, UPS pays quite well and provides benefits to their part-time staff.dt
Let us know when you find a part-time job with health insurance. A lot of us might be interested.#29Cracker Barrel offers full health insurance for part-time work (24+ hrs/week). At least, they did when I worked there one summer break a decade ago. -Agg97
Citgo/Food Bag/and Friendlies (resturnant) offers part time employees health and other benefits. If your in an area with a casino most around here anyways (CT) also offer beenfits for part time work.
Starbucks does offer good full Healthcare insurance for part time employees (I think you need to maintian an average of 16-20 hrs/week - I'm not sure of the precise number).
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