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Author: Volucris 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 5056  
Subject: Whare are they? Date: 1/6/2010 3:20 PM
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What happened to all the FIRE wannabees?
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Author: ziggy29 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4770 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 3:24 PM
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>> What happened to all the FIRE wannabees? <<

I'd say they either decided to talk politics almost full-time or else they took a look at their 401K statements at year-end 2008 and fell off the wagon.

#29

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Author: SRenaeP Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4771 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 3:26 PM
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What happened to all the FIRE wannabees?

Don't know about anyone else but I still lurk. Still licking my wounds from last year too.

Net worth is ~2x AI which seems abysmal since we're only 17 years (God willing and the creek don't rise) from retirement.

-Steph

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Author: zol Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4772 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 3:32 PM
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>> What happened to all the FIRE wannabees? <<

I'd say they either decided to talk politics almost full-time or else they took a look at their 401K statements at year-end 2008 and fell off the wagon.

#29


Can't blame them! At the end of 2008 we were worse than we were 2 years earlier. We are now back to our all-time high - only 1.5 years later. Let's just hope we don't have a repeat of the disaster that followed.

- zol - lurking

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Author: Volucris Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4773 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 5:18 PM
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Whare . . .

Sheesh, I need to proof read better . .. or at all really.

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Author: Volucris Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4774 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 5:19 PM
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This is actually a great time to be a FIRE Wannabee. Stocks are (were) cheap, and they might get cheap again.

It would stink to be retired.

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Author: ziggy29 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4775 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 6:03 PM
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>> This is actually a great time to be a FIRE Wannabee. Stocks are (were) cheap, and they might get cheap again. <<

True. It depends on how many years you have until retirement and how secure your job is. If I were in my 20s or 30s and I had good reason to believe my job was very secure until the day I chose to retire, I'd love to see a depressed market for another 10 years to load up on relatively cheap stocks. But most of us don't fit that mold.

#29

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Author: fredinseoul Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4776 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 7:07 PM
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I'm not sure about everybody else, but I'm still socking away money and waiting for the stocks to increase in value.

It's been a rough run but my net worth is at an all time high. I wish I had had the foresight to buy everything in March, but I did keep my 401K and my other investments going every month.

It is coming up on the time of year for my pay raise to take effect, so I am starting to daydream about how much I will save.

Other than that, a big part of being a wannabe is waiting to become FIREd.

fredinseoul

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Author: FoolNBlue Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4777 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 8:06 PM
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We (I) are working.

Net worth hit a new high at the end of this month... moving in the right direction despite being born at the wrong time. At 35 y/o... instead of my optimistic 40-45 projection I'm looking at early 50s. Not sure where to invest (not so much where but in what currency....). Wish I weren't so bearish on my own country but I'm afraid to hold too many dollars as I feel one day they'll be worse less than Charmin (TM). Of course, on that day the whole world will be hurting.

I try to control what I can and not sweat what I cannot control... some days much easier than others.

FoolNBlue

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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4779 of 5056
Subject: Re: Whare are they? Date: 1/6/2010 9:28 PM
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I retired 5/31/2007.


It's great!



Seattle Pioneer

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4780 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 12:26 PM
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Net worth is ~2x AI which seems abysmal since we're only 17 years (God willing and the creek don't rise) from retirement.

That might not be so bad. Are there any pensions in the picture? Possibility of higher-paying job(s)? Do you have children who'll leave the nest, allowing you to save more? Will you have a paid-off house by retirement, slashing the needed withdrawals? Might there be an inheritance in your future?

Our retirement savings took a big leap forward in our late 40s with bigger paychecks, and another smaller leap when we became empty-nesters.

NOTES
AI = adjusted income?? (am I suffering from senioritis and forgetting a common abbreviation I used to know?)

When DH retires from his semi-retirement job (currently making 1/2 his peak salary, and it started out much lower) with 2 SS streams and 2 tiny pensions, we expect to withdraw only 2-3% from the retirement stash per year.

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Author: ziggy29 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4781 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 12:37 PM
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>> AI = adjusted income?? (am I suffering from senioritis and forgetting a common abbreviation I used to know?) <<

"Annual income," I assume.

#29

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Author: SRenaeP Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4783 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 1:37 PM
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That might not be so bad. Are there any pensions in the picture? Possibility of higher-paying job(s)? Do you have children who'll leave the nest, allowing you to save more? Will you have a paid-off house by retirement, slashing the needed withdrawals? Might there be an inheritance in your future?

As of now, we will both have pensions. We currently have relatively high paying jobs. Income isn't the issue, rather the desire to save enough to retire in 17 years (when DH is 53) as well as pay off the house (only 3 years into a 30 yr mortgage), finish paying off my student loans (the $50K thorn in my side) and still have fun in the meantime.

We don't have kids and aren't planning to. My conservative stance for retirement is that though we won't have a mortgage (that is my one iron-clad 'entry criteria' for retirement), what we used to pay for the mortgage would go to increased healthcare (no more employer-subsidized insurance) and travel costs.

I don't know anything about DH's parents' finances so I'm not expecting any inheritance from them. My mom is deceased but my dad is young enough (66) that I hope he will still be alive when I retire. That said, any inheritance from him would be meager (maybe $50K), not that I want or expect it.

Our retirement savings took a big leap forward in our late 40s with bigger paychecks, and another smaller leap when we became empty-nesters.

NOTES
AI = adjusted income?? (am I suffering from senioritis and forgetting a common abbreviation I used to know?)

When DH retires from his semi-retirement job (currently making 1/2 his peak salary, and it started out much lower) with 2 SS streams and 2 tiny pensions, we expect to withdraw only 2-3% from the retirement stash per year.


AI = annual income to me. I'm hoping for, but not counting on, SS and our pensions but I have no idea (other than using online calculators) how much we need to save or could withdraw. Right now, I'm in the beginning stages of finding a financial planner to give us a sanity check. We save a lot of money (~20% of gross) but I feel like we can or should be doing better considering how much we make.

-Steph

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4784 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 3:21 PM
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AI = annual income to me.

Are you using expected annual expenses with an inflation factor as AI? In retirement there's no more saving for retirement (that 20% is a big hunk of your high incomes), no SS or Medicare contributions, most likely lower income taxes, even if your health care costs = your mortgage payments.

There's also the possibility of downsizing, moving to a lower COL area, buying a more energy-efficient home, sharing a single car, buying a more energy-efficient car.

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Author: SRenaeP Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4785 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 4:03 PM
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Are you using expected annual expenses with an inflation factor as AI? In retirement there's no more saving for retirement (that 20% is a big hunk of your high incomes), no SS or Medicare contributions, most likely lower income taxes, even if your health care costs = your mortgage payments.

There's also the possibility of downsizing, moving to a lower COL area, buying a more energy-efficient home, sharing a single car, buying a more energy-efficient car.


When I said annual income, I meant our actual gross income. As far as retirement needs, I expect to need 70% of our current gross (we currently don't see 30% due to tithing and retirement savings).

Our current home (purchased 3 years ago) is our 'forever' home and we have no intentions of downsizing or moving. Our plan is to basically keep our lifestyle the same except don't work and travel more (we travel a lot now). Therefore any tax or mortgage savings could be eaten up by increased travel and leisure expenses. I prefer to plan conservatively since our savings will have to sustain us for 40+ years and we want to lead a fairly comfortable lifestyle. It's like what's the point of not working only to sit home and not enjoy life.

-Steph

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Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4786 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 6:38 PM
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Net worth is ~2x AI which seems abysmal since we're only 17 years (God willing and the creek don't rise) from retirement.

That isn't necessarily bad... how do your assets compare to your annual expenses?

After all, if you're earning $1M a year and spending $40K a year...

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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4787 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 7:07 PM
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I recently took a big step toward FIRE. I now have a taxable account of preferred stocks and bonds that pays enough to make my mortgage payment (P&I) each month.

Since the investments cost only about 2/3 of the mortgage balance, I didn't have enough to actually pay off the mortgage. But this is the next best thing, as I now have no debt obligations to pay from the income from my job.

I still have to pay the property taxes, insurance and other expenses from my job income, but the mortgage was the biggest expense each month.

AJ

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Author: SRenaeP Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4788 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 9:02 PM
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That isn't necessarily bad... how do your assets compare to your annual expenses?

After all, if you're earning $1M a year and spending $40K a year...


According to Microsoft Money, our net worth divided by annual spending (including taxes) is 2.3

-Steph

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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: 4789 of 5056
Subject: Re: Whare are they? Date: 1/7/2010 10:51 PM
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I'm started this board and I'm still here. On pace to FIRE in 8 years, I dare say. Wish me luck on this. :-)

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Author: Howie52 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4790 of 5056
Subject: Re: Whare are they? Date: 1/17/2010 9:45 PM
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"started this board and I'm still here. On pace to FIRE in 8 years, I dare say. Wish me luck on this. :-) "

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

May you find luck.
May the luck be good luck.
May the pace stay within your call.
And may you recognize both the luck and the pace as good.

Howie52
Considering a retirement in a few weeks.

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Author: sunrayman Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4791 of 5056
Subject: Re: Whare are they? Date: 1/19/2010 11:11 PM
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Howie52
Considering a retirement in a few weeks.



+++
+++


GOOD for you!


sunray
a man Retired

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Author: Howie52 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4792 of 5056
Subject: Re: Whare are they? Date: 1/20/2010 9:17 PM
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"Howie52
Considering a retirement in a few weeks.



+++
+++


GOOD for you!


sunray
a man Retired "

^^^^^^^^^^^^^^^^^^^^^^^^

Maybe good - maybe not - but the odds for good are better than not.

Company is cutting back - no work.
A lot of folks - some better off - some worse - some much much worse.

So it - and we go.

Howie52

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