FIRE is supposedly 25x your yearly expenses. What’s your FIRE target and what are you currently at for savings amount? Expected age of FIRE? For me: $600k liquid $3M FIRE target
For myself, $2M. For a DINK, $3M, if I have two kids, $5M.
This sounds right
5m includes 401k?
OP age and YOE ?
37 and about 8 yoe as a DS. Total NW $1.1M due to home equity
50x annual spend or 2% SWR because I'm a bit pessimistic and want to be safer. $3.8M target (household).
4% is already very safe. You just want to push out the date accept it
4% came from Trinity study that looked at 30 years retirement horizon, not early retirement with 50-60 years horizon. For 30 years, it had something like a 95% success rate. I just want to be conservative and feel safe. It's just a few years difference and I definitely don't want to push it unnecessarily.
Do you consider illiquid assets like RE as part of this FIRE target? What about Retirement funds?
No. Only liquid should be considered
Damn I’m here like 7M or bust with 2 kids.
$7M for a family with 2 kids is good. We are shooting for $10M to have multi generational wealth
@microsoft how do you plan to invest your 10M for multi generational wealth?
3 mil in todays dollars… so maybe 6 mil in 15 years? Almost have 1 mil liquid No kids and live a modest life
I have $500k of $1M target. Layoff is probably going to slow down the progress.
Just 1 million is enough?
Maybe in a LCOL country like India.
I'd be ok starting out at 30x, ready to "pull the plug" at 40x, primarily since I have a home loan to close and kids' higher education to fund.
$3.4 M
2.5m FI target for 100k annual spend. I’m at 1.5m from that target excluding 1m in RE
Your age?
40