ATXFIRE2034
Recycles dryer sheets
Hi all! I’ve been lurking for a while and learning a TON. I really appreciate everyone’s openness on this forum and have found the advice here invaluable. I’ve decided that it’s time for me to share where we’re at on our FIRE journey. I am 38 and my wife is 35. I’ve been the sole income earner since July 2018 when we made the decision for my wife to stay at home. I’ve been at same megacorp 16 years now. We have two children aged 3 and 6. We reside in a suburb of Austin, TX. Details below on our current situation. Our goal is to retire when I am 53 (the year our youngest will graduate from high school). Aiming to have $2.4M in retirement assets with a 3.3% withdrawal rate. Please note that we would be selling our current home which will be paid off when we retire and using those funds to downsize to something smaller and investing the rest or using those funds to help in the early years of ER. I’m looking for an honest assessment based on where we’re at. Thanks in advance!
Current Income: Base Salary = $139k; Annual Bonus Range = $35k - $55k; Opportunities for additional incentives but this can be rather variable.
Current Expenses: $92k per year.
Expenses in Retirement: $80k per year.
Assets ($834k)
- 401k = $176k of which 41% are ROTH contributions and 59% traditional. I just started maxing out ROTH contributions to 401k at $18.7k per year. In addition, my employer contributes $7.5k per year traditional. 73% of these funds go to Equity Index Fund and 27% go to Bond Index Fund.
- ROTH IRA (wife’s ROTH 401k contributions rolled over) = $43k in FXAIX. Maxing Contribution at $6k per year.
- Traditional IRA (wife’s traditional 401k contributions rolled over) = $102k in FXAIX. No contributions.
- 529s = $33k. Contributing $4.8k per year.
- Cash = $41k
- Primary Residence = $400k
- Vehicles = $36k
- HSA = $3k. Contributing $3k per year.
Debts ($273k)
- Primary Residence = $249k
- Vehicles = $24k
Net Worth = $561k
AA (only includes 401k / IRAs / Cash) = 70 / 19 / 11
Current Income: Base Salary = $139k; Annual Bonus Range = $35k - $55k; Opportunities for additional incentives but this can be rather variable.
Current Expenses: $92k per year.
Expenses in Retirement: $80k per year.
Assets ($834k)
- 401k = $176k of which 41% are ROTH contributions and 59% traditional. I just started maxing out ROTH contributions to 401k at $18.7k per year. In addition, my employer contributes $7.5k per year traditional. 73% of these funds go to Equity Index Fund and 27% go to Bond Index Fund.
- ROTH IRA (wife’s ROTH 401k contributions rolled over) = $43k in FXAIX. Maxing Contribution at $6k per year.
- Traditional IRA (wife’s traditional 401k contributions rolled over) = $102k in FXAIX. No contributions.
- 529s = $33k. Contributing $4.8k per year.
- Cash = $41k
- Primary Residence = $400k
- Vehicles = $36k
- HSA = $3k. Contributing $3k per year.
Debts ($273k)
- Primary Residence = $249k
- Vehicles = $24k
Net Worth = $561k
AA (only includes 401k / IRAs / Cash) = 70 / 19 / 11