This is beautifully put pugchief...as usual!! I just couldn't resist adding a little coda: being FI with the PP has got to be the best possible situation to be in today, apart from being the CEO of Amazon. We're set no matter what happens now:
Possibility #1: end of lockdowns -> market keeps going, economy recovers, your PP does just fine.
Possibility #2: perennial or recurring lockdowns with permanent ongoing restrictions/mask mandates putting up social barriers and discouraging a return to normal life, with no endpoint in sight -> we dive into an outright depression . PP will do just fine (just keep that bond allocation going).
Possibility #3: regardless of lockdowns, this board gets identified as containing the wrong opinions/views, all of us are doxxed, and we are penalized in various ways. The most important being that we get fired and blacklisted from future employment.
So who is close to being FI? I think that should be everyone's #1 priority right now. I did my numbers in the beginning of January, and I'm 6 months away from a comfortable, well-padded retirement but could easily scrape by right now. I'm assuming a standard 4% safe withdrawal rate, a 27% discount to Social Security, average tax rate of 17% and adding a 10% expense cushion, increasing to 20% after age 70.
I've been mostly lurking guys, with really very little opportunity to post. I'm definitely enjoying the commentaries, and very much thankful that the forum has been able to get it together and keep the tradition going.