Can-i-retire-already
Dryer sheet wannabe
Hi everyone. First time poster. Happy to have found this community.
39 years old. Married. 3 young kids ages 8, 8, and 6.
Single earner family. I bring in $170k in a stable IT/Engineering industry. State of Virginia.
Assets include:
~$1M home with $650k equity and $375k mortgage.
$100k in employer 401k
$22k HSA
$950k in traditional IRA
$415k ROTH IRA
$600k Brokerage account
$150k between several 529 accounts for kids
$25k cash
$80k cars
No debt aside from mortgage
I've been playing with a 5 year plan to retire at 44.5 years old but open to other ideas. One option I'm toying with is working part ti.e at current job and receiving full benefits including insurance and just charging 50% of my time or 40% instead of the current 100%.
Expenses (I'm assuming having to spend $2000 a month on insurance if i was to retire. Just a guess) is about $6000-7000 a month. But assuming withdrawal from brokerage accounts and showing little "income", health insurance might be minimal. Assuming no mortgage, our expenses are only 3000-4000 a month (including everything.... emergencies.... vacations..... miscellaneous.... food...utilities...taxes...insurance..etc etc)
My retirement plan is for 5 years from now. But I'd love to be able to be financially free sooner if possible. I'd be open to working part time (20 a week at my current company just to keep busy and have insurance for the family. I think that would be huge and might allow me to go part time even next year.....and semi-retire).
Ps. I expect my portfolios (IRA/roth/401k/brokerage) to about double in 5 years, from their current levels.
Any thoughts or advice appreciated. Many thanks in advance.
39 years old. Married. 3 young kids ages 8, 8, and 6.
Single earner family. I bring in $170k in a stable IT/Engineering industry. State of Virginia.
Assets include:
~$1M home with $650k equity and $375k mortgage.
$100k in employer 401k
$22k HSA
$950k in traditional IRA
$415k ROTH IRA
$600k Brokerage account
$150k between several 529 accounts for kids
$25k cash
$80k cars
No debt aside from mortgage
I've been playing with a 5 year plan to retire at 44.5 years old but open to other ideas. One option I'm toying with is working part ti.e at current job and receiving full benefits including insurance and just charging 50% of my time or 40% instead of the current 100%.
Expenses (I'm assuming having to spend $2000 a month on insurance if i was to retire. Just a guess) is about $6000-7000 a month. But assuming withdrawal from brokerage accounts and showing little "income", health insurance might be minimal. Assuming no mortgage, our expenses are only 3000-4000 a month (including everything.... emergencies.... vacations..... miscellaneous.... food...utilities...taxes...insurance..etc etc)
My retirement plan is for 5 years from now. But I'd love to be able to be financially free sooner if possible. I'd be open to working part time (20 a week at my current company just to keep busy and have insurance for the family. I think that would be huge and might allow me to go part time even next year.....and semi-retire).
Ps. I expect my portfolios (IRA/roth/401k/brokerage) to about double in 5 years, from their current levels.
Any thoughts or advice appreciated. Many thanks in advance.