37 year old update

[MJT411]

So I havent posted here in quite a few years. I have had a lot of change in my life. So I decided I wanted to retire earlier around 50 maybe earlier. My current salary is at 115k a year. I max out my 457 23k and Roth IRA 7k every year and last year I increased the amount I put into my brokerage account to 500$ a week. Currently Im investing 53k a year into my personal retirement accounts. I also contribute 8.5% of my pay to my pension. I'm fortunate to have 2 pensions that I will be able to collect in my 60s.
2 years ago I decided to sell my main house and move back into my parents so I could save more money I also recently bought and paid off car. Roughly 5 years ago I bought 15 acres with a small house 880 square foot in northern Wisconsin I paid 170k back in 2019 that is now paid off I go there on my weekends and when I take vacation at work. Here's the break down of my accounts. Do you think I could retire earlier than 50 and move to my cabin in Northern Wisconsin? I would probably try to get a part time job to supplement my income in retirement.

457b. 493k
Roth IRA. 77k
Brokerage account 80k
Cash 85k

For a total of 735k

 

[NgineER]

Nice work!
Networthify says that you can retire in 7.5 years.

Early Retirement Calculator

 

[SevenUp]

Do you think I could retire earlier than 50 and move to my cabin in Northern Wisconsin? I would probably try to get a part time job to supplement my income in retirement.

457b. 493k
Roth IRA. 77k
Brokerage account 80k
Cash 85k

For a total of 735k

Depends on a few things, the most important of which: what is your projected total annual spending (including taxes, investment fees, etc)?

 

[street]

You are doing extremely well. You have set your goal and with your awareness of financial responsibility I see you being a very successful person and ER for you before 50 is real.

Good job and having a plan are huge. Your discipline, saving and paid off purchases, mindset you are well on your way to ER.

 

[Surewhitey]

First, awesome commitment to success on your goal. If this is what you want to do for the next 50 years, you will be fine. If you find a spouse, have kid(s), move to a new place, just lots of life's unknowns.

Looks like you're living on ~$40k after tax, savings. We don't know your future pension #'s. But with your discipline @37, you will likely nail it.

 

[Koolau]

Excellent start toward Financial Independence and Early Retirement!

Have you yet tried FIRECalc?

Instead of w*rking part time, I'd suggest just w*rking a bit longer for the same equivalent amount of money but more concentrated (and more than likely at a much better hourly rate that part time.) THAT of course depends on whether you can still deal with your current j*b or whether you'd rather do without than w*rk another day longer. Only you can decide so YMMV.

 

[Anchors Aweigh1]

So I havent posted here in quite a few years. I have had a lot of change in my life. So I decided I wanted to retire earlier around 50 maybe earlier. My current salary is at 115k a year. I max out my 457 23k and Roth IRA 7k every year and last year I increased the amount I put into my brokerage account to 500$ a week. Currently Im investing 53k a year into my personal retirement accounts. I also contribute 8.5% of my pay to my pension. I'm fortunate to have 2 pensions that I will be able to collect in my 60s.
2 years ago I decided to sell my main house and move back into my parents so I could save more money I also recently bought and paid off car. Roughly 5 years ago I bought 15 acres with a small house 880 square foot in northern Wisconsin I paid 170k back in 2019 that is now paid off I go there on my weekends and when I take vacation at work. Here's the break down of my accounts. Do you think I could retire earlier than 50 and move to my cabin in Northern Wisconsin? I would probably try to get a part time job to supplement my income in retirement.

457b. 493k
Roth IRA. 77k
Brokerage account 80k
Cash 85k

For a total of 735k

You have great goals…i would like to suggest a book to you

Die with Zero by Bill Perkins….it might cause you yo rethink your goals and approach…