Hey all, been perusing the site for a couple years but recently started getting serious about retiring early. I think we're on the right track, and a combination of accumulating assets (surprisingly, it snuck up on me a bit) and burnout are weighing heavily on me.
I'm an engineer and have been working most recently in a very high stress and competitive Fortune 50 high tech company and I want out ASAP. Before that it was school, grad school, then bouncing around jobs a bit before being able to get established.
Here's where we sit...
Married (me 48 engineer/ wife 45 teacher), we are partners in this endeavor and in it until the end
Would like to retire Jan 1, 2020 (me 55, wife 52)
Wife would get ~$500/month pension
I would get little to no pension (it's dependent on company 401k balance when you leave the company)
-$525K combined in our 401k/403b accounts
-$250K in other cash, equities, bonds, mutual funds
-$250K in company stock (some of it returning up to 8% dividend yield due to purchase discounts)
-$200K in home equity
-$150k on house @ 3.25% which will be paid off in 6 years.
-No car, credit card, etc, debt
-No plan to take on any additional debt
Future savings/investing (yearly for next 7 years):
-$17.5K in to 401K
-$10K in to wife's retirement account
-$87K pumped in to other cash, equities, bonds, mutual funds, depending on conditions, etc
-$20K company stock (purchased at discount, and stock awards)
-$3k in to tax deferred HSA
I've run the numbers on some retirement calculators, and I have my own spreadsheet that does some modeling...and things seem on track. Unless things really go down the crapper in the next 6-7 years my conservative estimate is about $3 million in assets when we hit 55/52. Naturally the one and only thing that scares me (and pisses me off) is medical care. It's like a gigantic black hole in all of our plans.
If it weren't for that I'd be going in to work every day for the next 7 years whistling and laughing at all the utter garbage I have to deal with.
Can anyone offer some wisdom and (hopefully) words of encouragement based on their FIRE experiences?
Thank you. (sorry for the long post