Hi everyone!
I've been reading the forums for a few weeks and decided to sign up/join to participate. After all, there's only so much I can learn from reading only.
I'm 43 and my wife is 47, no children. We both work long hours in stressful jobs and quite simply, we're tired and want to exit as quickly as reasonably possible. Our combined annual income including salary/stock/bonus/profit sharing is ~$450K. We have no debt.
Our current net worth is as follows:
- House paid off, estimated value $550K
- $961K in retirement accounts
- $643K in taxable investment accounts
We initially put together our 10-year plan in 2012 but neither one of us really want to wait until 2022 to walk away. We'd be happy with part-time jobs to stay active and have a more fulfilling life.
Based on our current savings, these are our projected balances at various times:
- March 2018: $1.01million retirement, $747K taxable
- August 2018: $1.05million retirement, $801K taxable
- March 2019: $1.102million retirement, $925K taxable
We've met with a financial advisor and run Monte Carlo simulations assuming $65K/year spending with 3% inflation. Health care inflation was set at 7.5%. We assumed I would live to 93 and my wife to 98 and had a success rate of 62%. Adding one more year of working bumped us up to 78%.
I think from a money standpoint we'll be OK. My wife says I just have to have a job that pays for my golf habit. We are planning to move from Texas when we retire. We're not quite sure where yet but as of today we're leaning towards Florida and will be visiting some friends there at Thanksgiving to look around a bit.
I think our biggest challenge right now is fear of the unknown. We have great-paying jobs right now which certainly relieves one type of stress - but we are trading that for mental stress, and likely physical stress as well.
I've read so many stories of people who say they wished they'd FIRE'd sooner and I'm encouraged by those. We hope to have our own story like that in a few years.
I've been reading the forums for a few weeks and decided to sign up/join to participate. After all, there's only so much I can learn from reading only.
I'm 43 and my wife is 47, no children. We both work long hours in stressful jobs and quite simply, we're tired and want to exit as quickly as reasonably possible. Our combined annual income including salary/stock/bonus/profit sharing is ~$450K. We have no debt.
Our current net worth is as follows:
- House paid off, estimated value $550K
- $961K in retirement accounts
- $643K in taxable investment accounts
We initially put together our 10-year plan in 2012 but neither one of us really want to wait until 2022 to walk away. We'd be happy with part-time jobs to stay active and have a more fulfilling life.
Based on our current savings, these are our projected balances at various times:
- March 2018: $1.01million retirement, $747K taxable
- August 2018: $1.05million retirement, $801K taxable
- March 2019: $1.102million retirement, $925K taxable
We've met with a financial advisor and run Monte Carlo simulations assuming $65K/year spending with 3% inflation. Health care inflation was set at 7.5%. We assumed I would live to 93 and my wife to 98 and had a success rate of 62%. Adding one more year of working bumped us up to 78%.
I think from a money standpoint we'll be OK. My wife says I just have to have a job that pays for my golf habit. We are planning to move from Texas when we retire. We're not quite sure where yet but as of today we're leaning towards Florida and will be visiting some friends there at Thanksgiving to look around a bit.
I think our biggest challenge right now is fear of the unknown. We have great-paying jobs right now which certainly relieves one type of stress - but we are trading that for mental stress, and likely physical stress as well.
I've read so many stories of people who say they wished they'd FIRE'd sooner and I'm encouraged by those. We hope to have our own story like that in a few years.