Since we closed on selling the old house last week I figured I'd give an update--
It has been a challenging 9 months or so. My wife badly broke her ankle last June and required pins, wire, etc. It has been a brutal recovery for her. She will have surgery in a couple of weeks to remove all of the hardware now that everything is healed well enough to do so.
My father died last fall shortly after we had moved into the new house. He was 61 and had had some major health issues, but everyone thought he was on the mend. Life is short.
Our old house was in pretty rough shape when we moved out. One of our old neighbors was a house flipper, so we hired her to fix it up for us. It was not the cheapest path to getting it sold, but given our personal situation ( two full-time jobs, two young daughters, one broken ankle), I was pretty happy to trade money for time. It took a little longer and cost a little more than planned (which was not a surprise
). On the plus side, it was beautiful when we finally listed it and it sold quickly at just above our asking price.
Once I plunk the money we cleared down on the new mortgage, or financial snapshot will be--
$480k house with a 300k mortgage outstanding
$50k cash emergency fund
~300k in after tax retirement investments (mostly stocks)
~1.3 million in various retirement accounts (roughly 75% stocks/25% cash or stable value)
Between the two of us, we make about 200k/year.
Aside from the house (which I've started referring to as "Hamlet's Folly"
), our major expense is pre-school for the two DDs. Currently preschool and the house payment are pretty much the same cost per month (about 2.5k each, so 5k/month for our big bills). Come next fall, the oldest will go to 1st grade, which should drop our costs about $800/month (we will still need after school care for her, unless grandma volunteers). A couple years after that we should save another $800/month or so when the youngest goes to kindergarten/1st grade.
I'm currently 44 and my wife is 40. We are still pretty far out from retirement, and there are some pretty big variables that could dramatically impact our FIRE date. I figure, absolute best case would be 6 years out or so, if the market screamed upwards like the late 90s and health insurance became single-payer
. I think 11 years is a decent possibility if the market is okay and there is at least a borderline functional healthcare market. Obviously, a bad market and failed health insurance market could keep at least one of us on the job waiting for Medicare.
So I think we are shooting for being part of the class of 2028 currently.