5 year countdown in Mississippi

[BigE]

Hello everyone,
Completely new to this site as of 5 days ago. Have been reading as much as I can and I LOVE LOVE LOVE the great advice, insights, and most of all the success stories of those who have travelled the ER path. I am 47 and would like to retire at 53. My wife is retired from healthcare and I am still working 50 plus hours/week in healthcare. I still enjoy my job but don't "love" it like I did just a few years back. Most of my associates at work cannot or will not stop working b/c of the insane conviction to support kids forever and/or extravagant lifestyle (some in their early 70's). I did not realize how much we had saved until I read some of these posts and decided to make a spreadsheet of assets. So here goes: 1,500,000 in retirement (IRAs-both traditional and roth, 403b, and 401k). 1,100,000 in nonretirement accounts (Series I bonds, mutual funds, individual equities), 2,000,000 in real estate (main home, weekend home , and empty lot). Have saved a great deal and worked extreme hours, but investment returns have been average at best. I would like to be able to generate about 120k in todays dollars and plan on beating inflation by 1-2 percentage points (yes, I know I'm conservative and maybe a pessimist). Any comments/thoughts are welcome. Thank you in advance.

[DblDoc]

Welcome from another in healthcare.

Downsize your home and sell the real estate and your done already.

DD

[JakeBrake]

Welcome from a 6th generation Mississippian. For those of you who may not know, Gulfport was at the eye of the worst hurricanes in USA history: Camille in 1969 and Katrina in 2005. Gulfport has recovered nicely.

[robbridg]

Quote:

Originally Posted by DblDoc Welcome from another in healthcare. Downsize your home and sell the real estate and your done already. DD

I agree. I wouldn't work another day.

[BigE]

Thanks for the input. Such a neat site. I do have 3 kids (one in college and one six yr old) and they all have college paid for (not included in the assets mentioned), so I'm probably going to stick it out for 4-5 more years to get healthcare benefits, etc. The "big" house is great with all the kids, but we are definitely going to downsize when the 6 yr old gets closer to high school.

[freebird5825]

Welcome

[Purron]

Welcome Big E! Gotta ask, is your name a reference to...

YouTube - ‪Elvis Presley - Love Me Tender‬‏

[obgyn65]

Welcome, from another poster who also happens to work in healthcare.

[FreeAtLast]

Quote:

Originally Posted by BigE Hello everyone, I am 47 and would like to retire at 53. My wife is retired from healthcare and I am still working 50 plus hours/week in healthcare.

Welcome! Since you are going to stay with it for another 6 years you might want to think about gradually cutting back your workload.

[OrcasIslandBound]

Congratulations! What an awesome portfolio! I would just buy the healthcare benefits. There are strategies for getting this done, even if some pre-existing conditions are hindering the situation. Question: If you "FIRE" now, will you regret not having spent additional days in your job after a few years goes by?

[BigE]

Big E is just a nickname I had in school way back in the 1970's when dinosaurs were still occasionally seen.

[chinaco]

welcome.

Congrats on your savings.

IMO - You look like you can support your lifestyle and are FI. But you need to develop a complete financial plan for the withdrawal phase. You should also do a little soul searching about what you intend to do with the rest or your life. Take your time, no need to hurry.

Health care is a big issue for most. But if you are waiting for another 5 years then the insurance through health care reform should be available by that time (assuming it withstand the court challenges).