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Originally Posted by lucija
paddler -- what do you expect your living expenses to be in 10 yrs once you no longer have mortgages and your kids are "on their own"? If I was you I would focus on answering this question before making any decisions...
The way I see it, you have about $2M today and are planning to grow that at $8k/month while working part time. I did not run numbers or make any complicated assumptions, but seems that today you can generate about 45% of your income needs and it seems likely that in 10 yrs you may be able to support about 2/3 of your current lifestyle needs. Would that be enough? If so, you can work part time until your kids are established. Alternatively, you may find out that your long term income needs are not as large as originally thought and you can bail out in 5 yrs if you work full time (this would assume larger outlays in the first few years than later on).
Again, I don't know your personal situation or plans, but it may be something worth exploring...
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Yes, my gut feeling is that our expenses will go down, especially once kids' school is paid for and mortgages are gone. Being very conservative, though, I have not wanted to count on being able to cut back, so I've estimated for my self 15 years in part time work, thinking if I could get out completely before then it would be a nice bonus, rather than expectation. I am also somewhat worried about the long term prospects of this economy and being in retirement, even though the firecalc estimates under even my most conservative assumptions suggest we would be fine.
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