I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.I follow the FIRE community a lot. There are so many different FIRE communities, but one I follow is the Coast FIRE community. It's basically when you save a certain amount that allows you to no longer have to save anymore to be able to retire when you want. My age is 57. It's the earliest I can retire & get my health insurance benefits. If I retire earlier I don't get the health care benefits. I also get a social security supplement until I reach 62.
I found this Coast FI calculator that says that I am at about twice my Coast FI number. It doesn't take into account my pension or social security. I put in $40k as my annual expenses & that's generous. I spend approximately $3k a month now. That includes $1k to savings (Roth IRA & emergency fund) & my mortgage.
I should no longer have a mortgage when I retire or have to contribute to savings. My TSP comes out of my paycheck so I don't included that in my expenses which I budget based off of my take home pay from just my full-time job, not my additional income from my two other jobs. I want to make sure when I quit my other two jobs (in the next month or two) that I don't start racking up credit card debt again. I even have money budgeted for travel on just that income. I can't live without travel!
I hear some people say that they still save in retirement. I would probably be able to do that as well, but it wouldn't be intentional for me unless there was a tax advantage.
Here's a link to the calculator:
May 23rd, 2021 at 04:06 pm 1621785975
For me, the main issue right now is that my numbers include an inheritance that I haven't received yet. The person died this past week. Now it's just a matter of filing all of the paperwork, transferring accounts, selling the house, etc. Once that is all completed, which will probably take a few months, I should be set. If all goes smoothly, I may hang it up by late 2022.
May 23rd, 2021 at 06:56 pm 1621796195
May 23rd, 2021 at 07:13 pm 1621797236
May 24th, 2021 at 05:44 pm 1621878246
May 28th, 2021 at 03:14 pm 1622214851
I share GoodLiving's concerns about the ACA (and Medicare/Medicaid) being secure, but feeling a bit more hopeful that enough people support them that they won't be stripped away. Otherwise,having to do all private insurance without ACA would basically mean all future money going to healthcare and still not being enough, I feel like!