Financial Independence Year in Review - 2020 Milestones and 2021 Goals! |
- Year in Review - 2020 Milestones and 2021 Goals!
- Does it make sense to keep emergency funds in a savings account after a certain point?
- Have you overcome "one more year" syndrome to FIRE? How?
- Daily FI discussion thread - December 31, 2020
- Canadians who've FIRE'd - what does your portfolio look like?
- What exactly counts as a “contribution” that can be withdrawn without penalty from a Roth IRA before age 59.5?
| Year in Review - 2020 Milestones and 2021 Goals! Posted: 31 Dec 2020 05:59 AM PST As the year draws to a close, many of us are doing our final checks of our spreadsheets and wanting to take a minute to reflect on what this last year has provided for us and what we are hoping for in the next one. Please use this thread to do report anything you want - whether it be a massive success, reaching a mini-milestone, actually accomplishing your goals from last year, or even just doing nothing while time does the work for you (for those in the 'boring middle' part). We want to hear about all that 2020 did for you - both FI related and personally as well. After reflecting on the past, we also want to look towards the future. What are you looking for in the new year (or even decade) - what are your goals and aspirations that will help guide you this coming year. Are you looking to finally max our your retirement accounts, get a 529 going for your kid, nearing that next comma, becoming completely worthless, or finally hitting your number and cashing in all the GFY's you can get? Edit: Thanks to u/ColorsMayInTimeFade for collecting these. Links to past end of year threads: [link] [comments]  |
| Does it make sense to keep emergency funds in a savings account after a certain point? Posted: 30 Dec 2020 09:34 PM PST I know questions about emergency funds are typically asked in /r/personalfinance, but this question is more geared beyond those initial stages in building wealth. I understand the importance of having an emergency fund in something that won't lose value when your net worth is on the lower end, but what about once you've grown your net worth? If you have years worth of expenses invested in something like VTSAX, does it still make sense to keep 3+ months of living expenses in a savings account? Even with a market down turn, you'd still have access to several months worth of expenses if you initially had years worth invested. The only realistic advantage I can think of for the savings account is that you don't have to wait 2 to 3 business days to get money you need. Am I missing something? [link] [comments]  |
| Have you overcome "one more year" syndrome to FIRE? How? Posted: 31 Dec 2020 04:26 PM PST My spouse and I are between 3-5 years off from FIRE. I would retire in my mid to late 40s, my spouse at 50-52. The number we'll hit is the number we agreed was the "right" number. But as we get closer to achieving that number I find myself getting nervous and thinking about scenarios where we work an additional year or two to pad the numbers in case of black swan events and healthcare. I'm now starting to get nervous that I won't feel good enough to pull the FIRE trigger once we hit our number, wanting to wait one more year, and so forth. I know this is anxiety and I know so many of us go through it. Appreciate any anecdotes from those who have overcome OMY syndrome. TL;DR: We're approaching our FIRE number, and I'm suffering from OMY syndrome and nervous about leaving my salary. Appreciate advice for those who've overcome OMY to successfully FIRE. [link] [comments]  |
| Daily FI discussion thread - December 31, 2020 Posted: 31 Dec 2020 12:07 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Canadians who've FIRE'd - what does your portfolio look like? Posted: 31 Dec 2020 04:26 PM PST I reached my savings goal last year. I'm still working but this year may be my last... This Christmas holiday has taught me I may be 100% OK just going with the whims of a day. I came up with some options that I'll place below but I would love to hear what people who have actually FIRE'd are doing. Option 1: Canadian qualified dividends (cherry picking what's in Vangaurd's VDY for a higher yield) for simplicity, high yield and favourable tax treatment. Option 2: 100% indexed, probably Vanguard's VOOG for optimized growth with increased volatility. Capital gains tax is pretty nice in Canada but what if I had started this last year, and my account fell 50% in a month? Option 3: Some blend of options 1 and 2. But yeah, what are you doing? What did you try that you didn't like? [link] [comments]  |
| Posted: 31 Dec 2020 03:12 PM PST I know I can withdraw the money I deposit into my Roth IRA at any time (but not the earnings). However, I'm unclear on whether I can withdraw money I've rolled into the Roth IRA. I'm considering a Roth 403b, which is rollable into a Roth IRA. I'm hoping to maximize the amount of "contributed" funds in my Roth IRA, to live off them during early retirement, until I can more easily access my retirement accounts. Is the entirety of my Roth 403b account that is rolled into my Roth IRA considered a penalty-free withdrawable contribution? Or perhaps just the portion that I contributed to the 403b (not the earnings)? Or neither? This has bearing on whether I go with traditional or Roth 403b, since I'm seeking ideas for how to cover that magical time period between early retirement and normal retirement age. [link] [comments]  |
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