corpcrispy
Confused about dryer sheets
- Joined
- Oct 27, 2017
- Messages
- 1
Considering pulling the plug in 2018, DINK, mid-40s, very high cost of living area
Goals:
Stop working for 'the man' as early as possible with a balanced view of risk
For various reasons assume will never work at a high salary again and part time work would be pocket money at best
June 2018 forecast:
2.6M - invested 70/30
120K - cash
850K - primary residence
700K - secondary residence - elderly relative lives here probably 10-15 years more and then would likely sell and add to investments it has a cost basis of $800K
Liabilities:
5 years and $140K left on 15 year mortgage on primary 3K month
Spouse earnings until age 60:
75-100K with health insurance but often long periods of unemployment figure this income mostly just exists for insurance or savings for COBRA
3 year ave yearly expenses wo fed/state/payroll taxes:
140K - no budget or attempt to restrain spending so far but paying off the primary home and some modest cut backs could drop to 100K
Logic:
2.6M is only 18.5x @ 140K, or 26x at 100K but in future secondary residence sells and adds 700K+ to the pile
Firecalc for 40 years @ 120K spend, SS @ 67, 700K lump sump add in 10 years says 99% success
Talk me into it or out of it thanks in advance
Goals:
Stop working for 'the man' as early as possible with a balanced view of risk
For various reasons assume will never work at a high salary again and part time work would be pocket money at best
June 2018 forecast:
2.6M - invested 70/30
120K - cash
850K - primary residence
700K - secondary residence - elderly relative lives here probably 10-15 years more and then would likely sell and add to investments it has a cost basis of $800K
Liabilities:
5 years and $140K left on 15 year mortgage on primary 3K month
Spouse earnings until age 60:
75-100K with health insurance but often long periods of unemployment figure this income mostly just exists for insurance or savings for COBRA
3 year ave yearly expenses wo fed/state/payroll taxes:
140K - no budget or attempt to restrain spending so far but paying off the primary home and some modest cut backs could drop to 100K
Logic:
2.6M is only 18.5x @ 140K, or 26x at 100K but in future secondary residence sells and adds 700K+ to the pile
Firecalc for 40 years @ 120K spend, SS @ 67, 700K lump sump add in 10 years says 99% success
Talk me into it or out of it thanks in advance