I have been chucking along planning to retire in my 60s until I stumbled into these FIRE forums a few weeks ago. After reading through many of the threads and running my numbers through some of the simulators including Firecalc. I’m beginning to think I’m closer to FI than I initially thought. With that in mind, I’m planning my exit strategy. I have April 1, 2021 in mind and no later than 8/12/2021.
Here are some information that may be pertinent to my questions:
I’m 47, SO is 39 with 3 young children, 3, 8, and 10.
Salary: 140k SO 95k
Assets:
403b – 225k (100% stocks)
457b – 200k (100% stocks)
401k – 1320k (100% stocks)
Roth IRA – 30k (100% stocks)
Brokerage – 975k (100% stocks)
Total - 2750k
Remaining mortgage 370k 27 years remaining at 4.00%
Monthly expense including mortgage 8.75k
FIRE withdrawal – 125k/year (25k for HI)
FIRE preparation:
1. Get a better understanding of expenses by tracking
2. Look into long term tax planning
3. Update and home maintenance
4. Building kids education fund
5. New vehicle (A little hesitant on this. Want to see where the self driving technology is heading
Questions:
1. What do you think of the plan? Is it reasonable? Anything else I need to consider?
2. The 457b are in 2 separate accounts 140k and 60k. From what I read, 457b should not be rolled into an IRA. Any insights into this?
3. The 403b are in 2 separate accounts 145k and 80k. Is there any reason not to roll them together? Or should I roll them into an IRA?
Thank you for reading!
Here are some information that may be pertinent to my questions:
I’m 47, SO is 39 with 3 young children, 3, 8, and 10.
Salary: 140k SO 95k
Assets:
403b – 225k (100% stocks)
457b – 200k (100% stocks)
401k – 1320k (100% stocks)
Roth IRA – 30k (100% stocks)
Brokerage – 975k (100% stocks)
Total - 2750k
Remaining mortgage 370k 27 years remaining at 4.00%
Monthly expense including mortgage 8.75k
FIRE withdrawal – 125k/year (25k for HI)
FIRE preparation:
1. Get a better understanding of expenses by tracking
2. Look into long term tax planning
3. Update and home maintenance
4. Building kids education fund
5. New vehicle (A little hesitant on this. Want to see where the self driving technology is heading
Questions:
1. What do you think of the plan? Is it reasonable? Anything else I need to consider?
2. The 457b are in 2 separate accounts 140k and 60k. From what I read, 457b should not be rolled into an IRA. Any insights into this?
3. The 403b are in 2 separate accounts 145k and 80k. Is there any reason not to roll them together? Or should I roll them into an IRA?
Thank you for reading!