dull numbers journal

[10cents]

@delay, yes, all my nimbers are in local (PLN) currency. Yes, my way toward FI is based on savings + frugal life, soe 885 USD is enought for me.

[delay]

Thanks for clarifying! When I visited last year Poland was much wealthier than 30 years ago. All new highways and lots of high end cars.

[10cents]

Well, it is almost an anniversary for me on this forum. 7 years!! Time for a summary. How does it started? It was Mr Money Mustache blog I came across over 7 years ago. I stared to read the blog, read all the posts, for a long hours a day. It was for ma a 'brain changer'. I could not to think about anything for several days. Later on I did some search and found similar blogs. 'Get rich slowly'. It all make me to get interested in FIRE movement.
After further consideration I decide to start my own thread, but without any purpose. 7 year ago my finances were common. Some savings, some liability, NW 18K - just a small financial cushion. 7 years later it is pretty big (for me), it is diversified, it uses tax-free accounts.

NW: 621K
minimum monthly cost of living = 3,800,
163 months of living out of my savings
or 54,5% of the sum, when I can fulfill 4% rule.

[delay]

Congratulations on the forum anniversary! Your #months is going up steadily too.

[not sure]

Congrats on the anniversary and the progress! Here is to the next 7 years

[10cents]

Although early retirement is not for me (i'm 50 y.o.) there is hidden benefit of 'near to early retirement'. Anty-ageism prevention!!! Independently if it is Poland, western europe or USA, phenomenon of ageism is present. 10-15 years before statutory retirement age is often the worst time in ones career. It could event to be a career decline. Nobody admits it, but companies are reluctant to hire 50+ workers. Many books have been written about it, but nothing changed. I also feel the breath of ageism. I dont have any view for a promotion, or, promotions requirements are so high (for me) that I will not get them. I work in a team with 33 years old average (with me), or 31,5 average years old without me - so I'm a 'Outlier'.
This is a wall I cannot overcome.So, right now, early retirement savings became an 'insurance policy'. I changed my mind toward - 'wait and see', how many month this situaltion will last. Of course, I fulfill my work obligations, try to be pro-active, but it can be not enough. Up to now, my salary are pretty decent, so I'm going to work in this company, on my position as long as I can, but I feel more than disappointed this situations.

NW: 637K
minimum monthly cost of living = 3,840,
165 months of living out of my savings
or 55,3% of the sum, when I can fulfill 4% rule.

[urgud]

Regarding companies being reluctant to hire 50+ workers: I've been thinking about this for some time as well. Not that I'm a software guy, but I remember meeting friends whose 50+ IT-job parents were unemployed in Silicon Valley. Who knows if the discrimination is based on something rational or not.

Your numbers are in PLN, right? Even though you are not fully FI, that amount of net worth/savings gives you seriously flexibility.

[10cents]

Well, I've achieved another stage. For a male of my birth year, retirement age is 65. And I'm, 51 y.o., 14 years before retirement age or 168 months. At the same time, my savings allow me to live 172 months out of it. Great for me!!! But can I trust state pension insurance. Will they exist in 2038 year? Yes and no. They will exist, but state pension amount will be as low as hell. It will be ~ 50% of minimum wage. Can I have a decent life having 40% or 50% of minimum wage? Definitely not. So, stopping work and starting early retirement in not for me now. I should have more savings. Savings that will survive me getting official retirement age. What is it a number? I dont know. There is also another problem. Most of my saving (80%) is on tax-free retirement account and I'm entitled to payment at the age of 60. Before that time, what kind of money would I live on? I need to improve my 'before retirement' liquidity. Reduce contribute in tax free account, accelerate the overpayment of a housing loan and top up my 'before 60' account.'

NW: 672K
minimum monthly cost of living = 3,920,
172 months of living out of my savings
or 57,6% of the sum, when I can fulfill 4% rule.

[7Wannabe5]

It is a different calculation as you get older and years until pension/social security or death are no longer >30->so approximate to "forever." I just turned 59 (just 3 years from early withdrawal social security/official senior status for some other benefits), so I am dedicating one of my Skillathon 2024 slots in February to "Sixty-Two Pickup: Senior Financial Benefits Research."

[10cents]

That was a month with severe stocks increases. Good for me, but now, I have a new target. Reduce my mortgage, so, no more investments, just pure loan overpayment. My savings are high enough for 175 months, while I'm 167 months prior my retirement, but, silly me, 80% of my savings are on tax - free private pension account. I only have 207K on my 'before60' account, but I have 84K mortgage. So, for period before 60 I only have 123K for 108 months. Far too small. So, all hands on-board - mortgage goes to hell.

[10cents]

March surprised me with excellent stock results. I was also paid an annual bonus. It was quite high. I decided to spend all my bonus on mortgage over pay. So, my mortgage melt down like a snow in the winter time. I had also a perfect month in a job. My project, I have been working on for 8 months is almost done. NW: 809K, 61,8% of the sum, when I can fulfill 4% rule, 185 months of living out of my savings.