Re: New Member "JRSpot
Welcome to the board, JR.
It looks like your salaries & business income supprt a great savings rate-- or at least a heckuva mortgage payment. You probably get a TSP match on contributions but after that I wonder if paying down the consumer debt & mortgage would make you eligible for a better rate on a smaller mortgage. That depends on your current interest rate, but there's a potential to save more on smaller mortgage payments than perhaps you might make by investing your current savings.
You're five years away from retirement and a lot can happen in that time. Perhaps your spouse will feel different in a few years. Either way the decision to continue working or not is HER decision, and it's probably best to support her in that. It doesn't seem like the timing of the home sale is especially critical?
As for you, the decision to work is YOUR decision. Several of us board members are happy to collect our pension checks and run the family & household while our spouses work. It's a great club.
As for financial independence, you'd have to balance your annual expenses against the size of your portfolio and run the numbers on FIRECalc. Its success rate might make your spouse feel more comfortable about destressing. 4% is the conventional wisdom on a safe withdrawal rate, but 5% might even be suitable if Social Security isn't far off.
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next-Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.