I have a deadline set for the start of my retirement and 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: Again, it's not time to retire now, but I’m continuing to make good progress.
In order to pull the plug immediately, I’d have to have these things accomplished:
Retirement account on target for 7 figures on 60th birthday
College savings on target for full funding
Mortgage paid off
Savings of basic expenses until 60th birthday set aside
No consumer debt
Currently my progress is:
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 in May at my half-birthday.