48 And Hopefully Getting Close
48 years old two grown and married children and one sixteen year old (his college is taken care of through a unique scholarship program). Married. Live in East Tennessee.
Work is OK. I have lots of really close friends there so I enjoy that part of the job. The work is just OK. I'm not inspired by it, others there live and breathe the work but that's just not me. I would definitely miss my friends if and when I leave the company but I wouldn't miss the work very much.
Just refinanced the house so I have 30 years of $1800 payments (includes taxes and insurance). The house is quite large (3500+ sq. feet).
600K in a 70/30 stock/bond ratio with about 200K in IRAs/401K and the rest in a taxable brokerage account.
Strategy (very fluid at this point):
Contribute maximum 16K (hopefully) to 401K for 7 years.
Semi-retire in 7 years hoping to live off of portfolio and find PT work or run a small business (if low key that's something I enjoy).
I'm thinking I would need about 54K per year (minus any PT income) until I turn 62 and then take about 1200 in Social Security and reduce my drawn down at that point (around 40K).
With all of the kids almost out of the house, I would seriously consider downsizing to about 1/3 sized living quarters (reducing the draw down amount even more).
Travel: a big trip once a year (cruises, international) and lots of little weekend getaways. Also trips to see the kids who are across the country.
Take long walks/hikes.
Go to local sporting events.
Have more time to work out.
Ride my motorcycle as much as possible.
Look for ministry/mentoring/coaching opportunities.
I think that 7 years is a reasonable goal. When I play with the numbers on FIRECalc the biggest impact on the portfolio is time. The longer you wait, the bigger the amount. All of the other variables have a lesser impact.
Is my analysis and strategy sound or off base? What suggestions and tweaks would you offer?
What sort of PT work or small businesses work best for the semi-retired (sorry if I use the wrong term here, I'm the newbie).