November was not a good month for savings as I didn’t save any money during November. Since I thought I was going to have to raid my savings during December, I didn’t bother putting any money in savings during the month. As it turned out, I did get a job at the beginning of this month and won’t have to raid my savings and could have made at least a token contribution to my savings during November. I’ll save as much money as I can this month, but it looks like I won’t meet my goal of saving 50% of my income.
My SWR went up to 49.15% from 47.67% the month before. I haven’t been able to make consistent progress on my SWR since my tax job ended in April. The 4% SWR translates into having 25x your annual expenses in savings or 300 months of expenses in savings. Once I reach that point I will consider myself financially independent. The tax job is starting back up in January and the job I am working now will overlap that job for a couple of weeks so I’ll be making a decent income for the next few months and should start making progress on my SWR again. I have 24.41 months of expenses saved, compared to 25.17 months the month before. I went slightly backwards on that measure as well. I’m looking forward to getting my savings back in gear and making significant progress towards my savings goals again.
Do you figure possible social security income into your retirement formula?
I don’t figure social security income in my retirement calculations. I do expect to eventually receive social security, but since I hope to retire many years before being eligible for SS I don’t count it now.