Retire by 2030-ish…Maybe?
I have been very reluctant to set a time frame to retire early. I know I am doing everything I can to get there, so my brain has been very much in the “It’ll happen when it happens” mindset. That would be great if you don’t factor in at all that I am a highly analytical person who likes to have clear time frames to get shit done. So, I am at odds with myself here.
I think my problem with setting even the slightest hint of a time frame is that, in my head, I am locked into that date. There are now no other options, and that is the end goal. This means that, if I miss it, I will make myself miserable. No one is harder on me missing a goal/screwing up on something than me, and I don’t really want to deal with her.
The other part of my reluctance is that, deep down, part of me thinks this is not possible. I am aware it can be done. I have seen others do it, and they are pretty happy (What’s up, A Purple Life!) Yet, it’s hard for me to comprehend for myself. I keep thinking that if/when our investments reach a certain number, it will feel like a real possibility. I’m treating this like in Star Trek Voyager where they set a course for home in the first two episodes, and most don’t believe they’ll make it. Then in Season 5, they get another 10 years closer (Timeless is a fantastic episode btw), and that’s when they actually think this shit might be doable.
For me, I feel like my number would be 250K in index funds. I don’t want to count the IRAs or the 401Ks since we can’t really touch those (without complications) until we are about 60. Most of our net worth is in those two things & the house and I don’t even like including the house in our net worth. Seeing as we are currently 30/31, that’s not really helpful at this moment in time. We currently have about 21K in either index funds & stocks, so there’s a bit to go before we get to that comfortable level.
The only other thing that would make me comfortable enough to set a date would be paying off the house. One of the biggest factors when deciding how much to put in the emergency fund was issues with the house and how long it can cover the mortgage if we both were unemployed. Getting this sucker paid offers so much freedom both financially and psychologically. I cannot describe in words the amount of relief I would feel if our mortgage was paid off. So removing this from the equation would go a long way towards feeling comfortable setting a date.
There’s no real solution to this currently other than staying the course. My best guesstimate, which I refuse to hold myself to since there are way too many factors missing, is about 2030-ish. Maybe. We’ll see how staying the course goes. 😅
Do you have a FIRE date/time frame? How did you decide on it?
I can’t set a timeline for the same reasons! I’m waaaay too hard on myself when I miss a target as if that will prevent me from failing so instead, I refuse to set targets until I know it’s achievable. I wonder how much therapy that’s going to take to get past… !
The major limiting factor for me is healthcare. I don’t know how to budget for unknown costs of healthcare sometime in the somewhere future for four people if it’s not through an employer (and therefore subsidized). The next one is our mortgage. That bad boy is enormous and I don’t even know what we’re going to do – try to pay it down aggressively at the tail end of our savings journey so we can have a smaller monthly commitment? Leave it alone and just plan to be paying it forevermore? I want the flexibility of the paid off mortgage but I don’t want to sacrifice our ability to sock away a significant amount of investing. We can’t do both at the same time. So, I’m a tortoise in this journey.
Healthcare definitely is a factor. The goal is to max out our HSA for as long as we can, but that is part of why I am aiming for a higher FIRE number. Buffer for just in case.
Currently, we are doing a 50/50 split on extra funds: paying off the mortgage & investments. That is only possible under the current conditions, so we may have to alternate or choose one in the future. If we are able to continue at our current pace, the mortgage can be paid off in about 3.5 years. Of course, I have no control over the world so 🤷🏾♀️.
Thanks for reading. 🙂
My goal currently is to be FI by 2035, which would coincide with my retirement from the military – if I can make it to 20 years. I would like to keep working after that in areas surrounding my passions, but also have the choice to “retire” if I felt like it.
Of course that all could change with the way things are going, and I would have to reroute.
I have no doubt in your ability to reach your goal!
Thanks Liz. I know you’ll make it as well. 🙂
Thanks for reading.