1st time posting here, been following for quite some time but wanted to jump in. Planning to FIRE in 2 to 3 years and think I’m on a pretty good path based off the FIRE calculator here and others. My only worry is like many here, Health care and insurance. I’m 53, DW is 52. We are planning to ER at 55 and 54. I have worked with Mega Corp for 20+ years, been in an executive position for the last 8, job is OK but very high pressure with a lot of headaches; DWs family owns a small business that she inherited 50% of in the last year. Here is our info.
Current 401k balance: $1.1m, Savings (this includes CD’s, regular savings, cash available, etc.) $1.1m, real estate net worth Approximately $900k, this includes primary residence valued at about $250k and a 130 acre tree farm we purchased 5 years ago valued at $250k, plus other properties but no rentals. No pensions. DW may sell her portion of the small business at retirement or lease it (neither of these are in the above figures). We have no debt. I completed a study of our last 3 years expenses and they average around $45k annually. I have estimated that we will need $20k annually for health coverage/insurance. Also, $15k for annual vacations, DW likes to travel. So estimated annual spending is $80k. We both drive older cars, both our kids have graduated college with no debt and have reasonably Ok jobs. One works in the family business, which may put a little hesitation on selling in the future. But may be able to lease to him for an added monthly income. We will continue to max out 401k, HSA and IRA for DW until retirement. My plan is to live off the savings until 62 (or 65) then add in SS and not withdraw any from 401k until after 65, possibly at 70 when mandatory. This depends on what happens with the small business, 401k average return has been 6.5% since inception (20+ years). You can see I’m not a big investor keeping as much money in savings, cash and CD’s at really low interest rates but very safe. I do like buying and selling property when I find it and have done well with it over the years, not houses only land. Mentally ready to leave the work force but do wonder what am I going to do with all the free time. I am thinking I will spend most of my time, Hunting, Fishing, working around the tree farm and traveling. Let me know if you see holes in our plan.
Current 401k balance: $1.1m, Savings (this includes CD’s, regular savings, cash available, etc.) $1.1m, real estate net worth Approximately $900k, this includes primary residence valued at about $250k and a 130 acre tree farm we purchased 5 years ago valued at $250k, plus other properties but no rentals. No pensions. DW may sell her portion of the small business at retirement or lease it (neither of these are in the above figures). We have no debt. I completed a study of our last 3 years expenses and they average around $45k annually. I have estimated that we will need $20k annually for health coverage/insurance. Also, $15k for annual vacations, DW likes to travel. So estimated annual spending is $80k. We both drive older cars, both our kids have graduated college with no debt and have reasonably Ok jobs. One works in the family business, which may put a little hesitation on selling in the future. But may be able to lease to him for an added monthly income. We will continue to max out 401k, HSA and IRA for DW until retirement. My plan is to live off the savings until 62 (or 65) then add in SS and not withdraw any from 401k until after 65, possibly at 70 when mandatory. This depends on what happens with the small business, 401k average return has been 6.5% since inception (20+ years). You can see I’m not a big investor keeping as much money in savings, cash and CD’s at really low interest rates but very safe. I do like buying and selling property when I find it and have done well with it over the years, not houses only land. Mentally ready to leave the work force but do wonder what am I going to do with all the free time. I am thinking I will spend most of my time, Hunting, Fishing, working around the tree farm and traveling. Let me know if you see holes in our plan.