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Quarterly status of retirement prerequisites

August 9th, 2020 at 10:20 am

I mentioned in a previous post that I have a deadline set for the start of my retirement. And that I have a list of prerequisites to determine whether I’m in a safe-enough-for-me position to retire sooner. Each quarter I evaluate my progress against those prerequisites, and my quarterly check-in for this is aligned with my birthday instead of the standard calendar quarter. That’s because a couple of my prerequisites are based on my 60th birthday so the calculation is simpler.

Result for this check-in: It's not time to retire now, but I’m continuing to make progress!

In order to pull the plug immediately, I’d have to have these things accomplished:
(1) Retirement account on target for 7 figures on 60th birthday
(2) College savings on target for full funding
(3) Mortgage paid off
(4) Savings of basic expenses until 60th birthday set aside
(5) No consumer debt

Currently my progress is:
(1) 100+%
(2) 50%
(3) 39%
(4) 6%
(5) 8%

Assumptions for these calculations: average annual return on investments will be 5%, no further contributions to investments, full funding = 40 semesters (8 x 5 boys), $36,000k annually for basic expenses, starting consumer debt was $10k. (At one time I had negative progress on this! For the record though, it’s at 0% interest.)

The next time I check-in on this progress will be around my birthday.

Posted in Personal Finance, Retirement | 3 Comments »

3 Responses to “Quarterly status of retirement prerequisites”

  1. Jane Says:
    August 9th, 2020 at 01:16 pm 1596979007
    1596979007

    Looks like you are doing great!

  2. rob62521 Says:
    August 9th, 2020 at 06:21 pm 1596997277
    1596997277

    I like the way you have this set up, each goal, and how you have it percentage wise. One of the things we were adamant about before DH could retire (he's 14 years older than I) was the house needed to be paid off. We did that earlier than anticipated and when he received some inheritance due to a sale of some property, we paid the house and his car off (mine was paid off) and I used some of the money to buy the almost two years of my subbing to add to my teaching pension.

  3. LivingAlmostLarge Says:
    March 4th, 2021 at 06:17 pm 1614881844
    1614881844

    That's amazing. How much time is left?

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