Current balance: $35,000
Income: $4,000 / mo
Expense: $1,000 / mo

At 8% APY, I will be FI in 34 months with a balance of $157,641.65 and monthly interest income of $1,050.94.

That makes my target date March 2012 (I’ll be 25 years old)!

That’s something that seems easy, but is somewhat difficult. My wife has to put 9.75 more years as a pharmacist for the military before she gets her pension (she’ll be age 43). She intends to retire on that of which seems entirely possible at this time. I started Lazy Man and Money realizing that I didn’t want to work until 65 while my wife was retired at 43. I hoped to find ways to make more passive income.

To some degree, Lazy Man and Money has become that form of semi-passive income. We might need to make some minor lifestyle changes, but one could say that I’m financially independent from that income today. At the same time, we might think about having children soon and similar lifestyle choices could purposely add other expenses.

So I suppose you could put me down for 2019 as that’s my deadline. Of course, since my plan is largely cash-flow related, things may change.
I wrote a five part plan on this.

2013 for me.

If we lived Jacob’s lifestyle, we could exit the rat race today. Since a house with enough room for our avocations is dear to our hearts, the dates are definitely in the future.

The “OK-I’m-set” date is in 4.5 years, when there’ll be enough to pay the mortgage off (though I’ll probably keep it invested since the mortgage rate is extremely low).

The “I-don’t-care” date for work is in 6.5 years, when I don’t lose any retirement benefits (even though I’m already vested, the account will quit accruing interest after 5 years if I leave employment early)… unless Oregon changes the rules(*). It will likely be possible for us to buy a more rural house and move without downgrading our lifestyle, pocketing the difference between a Portland-area home and a rural home.

The “got-it-made-and-then-some” date is in 11.5 years, when I become eligible to retire and our house is paid off… unless Oregon changes the rules(*).

(*) Oregon has changed the retirement rules 3 times in the past decade as a result of dealing with a fiscal crisis in 2000. Sometimes in subtle and not so subtle ways. The one that has hurt me the most is that after 5-years of leaving benefit-covered employment, your retirement account quits accruing interest. Yes, one is free to move it to an IRA, but then one loses the money-match that would be yours if you retired.

Should have also mentioned that the financial ramifications for not paying attention to the 5-yr limit on an early exit is at least a year’s living expenses for each year that the retirement account does not accrue interest.

2010. 18 years old.

June 2008, 67 years old. Just the way it worked out. No regrets.

I’m a fairly new reader and may have missed it somewhere, but can you clarify your definition of “Financial Independence”? Thanks!

Mine was 2012(at 45), but the market crash along with a lopsided investment in 2008 and a baby in 2008 have made things difficult. I am trying to adjust that to 2015. Need more work to do.

sept 2015 for FI. although, having a lower income “job” that just covers my expenses while the investments compound is in the back of my head.

in all reality though, my end goal is to consistently keep my expenses lower than my income, while maximizing my life experiences.

Part II: If my pension fails, I can still retire around 2019 (age 56), assuming current savings and spending trends.

So far, spouse and I love our jobs, so we’re not thinking of early–or any–retirement. We are in mid-50s btw. Of course, poor health or other disasters–not to mention burn-out–may change things.

But I wanted to mention that I like your point that you discovered your FI year retrospectively. Fascinating way to look at it. It’s probably the accurate way to look at it also.

2 years time 2011, age 37 I plan to exit the rat race, I will have to downsize but I will achieve FI then.

My husband and I achieved financial independence in 1999, when we retired from our business at the ages of 49 and 48.

Since then, we’ve put two of our three kids through college. Our youngest graduated just a few days ago. (And Jacob, I think you would approve. She completed a pre-med program with a major in neuroscience and a minor in biophysics. As I recall, you’re in favor of practical degrees that lead to good jobs. Of course, she still has to go to med school . . . . )

2020 – age 56.

Next year. I have a healthy portfolio, but need to divest of my mortgage. I’ll probably do that by selling my house and building a small and mortgage-free house on my already paid for acreage.

4-5 years so call it 2014. The year that will encompass my 44th Birthday.

For me it is “semi-FI” because (As frugal scholar, above) I love my profession. I can’t imagine not doing it in some form or another.

So for me, it means having 15 years living expenses saved and transitioning to part time work (Which is doable in my field). This will allow me to have the flexibility to travel, etc. I can work 25-33% of the time and earn enough to live on without touching my savings. Hence they can grow toward “full” FI. If I have extra expenses I’ll work a little more.

I’ve never really figured it for full FI.

Threats to my plan: I may loose my job. I could end up changing lifesytle and hence needing to work more (Doubtful). Becoming sick /needing more healthcare. I don’t see any other major threats.

Things that may enhance my plan/move the date up: I may earn more. I have been doing some weekend work for extra pay and have the opportunity to do some lecture here as well. Both help. I may take a roommate (Until I sell my house) which will also add. Lastly in roughly 2-3 years I will need to change jobs to get some more general skills (So I am more marketable as a part time/temporary employee) and may earn more at that job.

Finally, for me the last year will be a “drift down” in which I will have 2-3 part time jobs. This will allow me to drift into retirement so as not to “Stun” myself with allt he sudden having the big day!