Yep after 16 years with the same company my wife is going to give her notice on June 1st. She will walk away from a good career and six figure income but she has grown weary of being a full time mom, wife and full time professional. We think we can afford it and it will be great for the family and quality of life moving forward. She is looking forward to spending more time with the kids (who are under 10), hitting the gym and getting in better shape, keeping the house and property looking good and volunteering at the kids school. We can travel more and stop counting her vacation days as we use them up.
Current net worth is approaching $3 million and growing quickly so should hit that number this year. Household income has shot up in the last few years as the business I started 7 years ago is doing very well. Household income around $400k will drop to $300k after my wife retires. No debt other than a small mortgage on a vacation rental property. I do need to buy her a new car and am thinking a Sonata or Camry (new but under $30k out the door and then keep it for 10 years).
Expenses are pretty reasonable. We have been putting six figures a year into investment accounts and not blowing wads on anything dumb. That should continue even with the hit on income. I dress like I am homeless, we rarely eat out, kids are not spoiled (they love the dollar store) and most travel is to our short term rental in Florida. Lots of life and disability insurance so if anything happens to me I know she and the kids will be fine financially. House is in great shape and just did a reno so no major projects needed anytime soon.
I like what I do and don't kill myself doing it. No long hours and plenty of time off plus a happy bunch of employees who are well paid and I have super low turnover. Really no reason for me to retire for at least 5-7 years but we will see. I think once the investment portfolio grows another million I will start thinking about it more seriously. I can just cut my hours a little at a time until I am ready to cash out.
Any reason to think twice or would you agree we are good to go?