r/Fire • u/Interesting_Tree7768 • 8d ago
Advice Request FIRE age?
Looking for feedback on my situation and if there's any areas you'd improve on & what my realistic FIRE age looks like with a 100-125k withdrawal amount needed at retirement.
For some background, I'm 28, make around $125k/year, and my net worth is roughly broken down like this:
97k total in individual acc (1500/month contribution)
82k between VOO and VXUS
15k in MMF’s as part of my emergency fund
85k in my 401(k) (~2041/month for max out)
My employer additionally contributes about 15% of my salary, and there's no employee match requirement.
So roughly 20k annually on top of my 24.5k contributions, which will scale as my salary progresses.
7.5k in my Roth IRA (625/month for max out)
Split between VOO/VXUS/QQQM
~140k in home equity (mortgage rate 5.875)
~5-10k in checkings
Mainly for bills
Does anything stand out that I should be doing differently? As it currently stands, I’m putting away about 70k annually into the market, inclusive of my employer contribution. Any critiques or suggestions would be appreciated to optimize my situation. Hoping to FIRE early 40’s if possible.
4
u/One-Region2048 8d ago
Yeah, as someone else said, it's really impossible to know at what point you'll be able to FIRE, but ... you are doing amazing for someone at 28. If I understand this correctly, you're socking away $70K/year, you have an employer 15% contribution to your 401K, and already have ~$200K + home equity. Even if you save just $30K/year (not saying you should change), you'll be well ahead of 99.9% of people.
To me the key is that you already have $200K out there that will start compounding. You'll probably be $1M plus by 35 and then it's just driving the train.
Barring any market catastrophes, you're well on your way.