Hi All,
Thank you for taking the time to read my post. I am hoping to retire by 55, but with two little kids I just don't see how that is possible until they get much older. I am hoping this community can help or provide a fresh prospective and advice.
Me: 50 years old. 2 kids (7 and 9), Married, everyone in good health, living in Seattle. Wife does not work. I work in high tech sales and at 50 I am a dinosaur in the industry.
Assets:
Home equity: $1M
IRA and 401k (100% stocks and ETF): $700,000
Taxable equities and ETF: $1.1M
Future inheritance (property and equities): $1M
529's: $65K and $53K
Annual income: $300K
Expenses: $15K/month
Ideally I would like to get out of Mega Corp now, but realistically I think the soonest would be when I am 55. However, with two young kids I am concerned about leaving the Mega Corp too soon as at my age I'll never get back in. To lower expenses, I we could move to a cheaper city and downsize, but my wife would not be happy. Given our expenses and assets now and the inheritance to be realized in the not distant future do you think I am set up for FIRE by 55? What advice could you offer to better help me prepare over the next 5 years? My biggest worry about leaving the work force is health insurance and unforeseen big expenses.
thank you!
Thank you for taking the time to read my post. I am hoping to retire by 55, but with two little kids I just don't see how that is possible until they get much older. I am hoping this community can help or provide a fresh prospective and advice.
Me: 50 years old. 2 kids (7 and 9), Married, everyone in good health, living in Seattle. Wife does not work. I work in high tech sales and at 50 I am a dinosaur in the industry.
Assets:
Home equity: $1M
IRA and 401k (100% stocks and ETF): $700,000
Taxable equities and ETF: $1.1M
Future inheritance (property and equities): $1M
529's: $65K and $53K
Annual income: $300K
Expenses: $15K/month
Ideally I would like to get out of Mega Corp now, but realistically I think the soonest would be when I am 55. However, with two young kids I am concerned about leaving the Mega Corp too soon as at my age I'll never get back in. To lower expenses, I we could move to a cheaper city and downsize, but my wife would not be happy. Given our expenses and assets now and the inheritance to be realized in the not distant future do you think I am set up for FIRE by 55? What advice could you offer to better help me prepare over the next 5 years? My biggest worry about leaving the work force is health insurance and unforeseen big expenses.
thank you!