Greetings! As the title says, I am 50yo (51 in 2 weeks) with teenagers 17 and 15yo, wife 48yo. Seriously considering pulling the plug on my career after 22 years of service as a state government employee. Work hasn't been satisfying for years, I'm having motivational issues and working in a cubical sucks. Financially I consider ourselves very fortunate with steady well paying jobs, various income streams, and no debt other than our mortgage. My family is healthy, happy, and content with life. At times I have serious wanderlust and fortunately my wife has been supportive of me traveling solo to fulfill these needs (trek in Peru last summer and Bhutan this spring). Kids and I are members of a tribe that operates a successful casino and other business ventures and we're set to receive quarterly tax exempt payments starting in May. Other tribal benefits include free health care, gym membership, $15k/yr tuition assistance, mortgage down payment assistance (kids will benefit from this one day), etc. My wife is supportive of me retiring and is planning to work until at least 55yo as she enjoys her job.
Current Assets: $2.3M investments (90% US equities, 5% foreign equities, 5% bonds), $110k 529 accounts, kids $80k brokerage accounts and ROTH IRAs.
Debt: $283k @3.75% interest mortgage, 20 years remaining.
After FIRE income: Wife job $220k/yr+, $15k/yr MIL rental apartment, tribal GWE (fed tax exempt) $25-30k/yr, $2k/yr state of AK permanent fund dividends.
Future income: $65k/yr pensions (59.5yo), $30k/yr social security, Tribal GWE payments should increase as the tribe expands it's economic footprint and members 62yo+ see an increase in GWE, inheritances (no idea how much but assuming around $1-2M), $4M investments (wife continues to work for 6 more years, 7% market return, continue to invest $40-50k/yr).
Expenses: $180k/yr. Assuming this will decrease as our son/daughter head off to college. Going to start shifting some expenses to our kids since they'll benefit from the GWE payments. College expenses should mostly be covered by 529, tribal tuition assistance, summer jobs, and GWEs.
FIRE Plan: Home maintenance projects, hike/bike/fish, nordic ski, garden, meet wife for lunch walks, travel more often to visit aging parents, volunteer trail maintenance, make yummy dinners for family, hang with our dog, hunt deer, and travel to exotic locales!
Throwing it all out there!
Current Assets: $2.3M investments (90% US equities, 5% foreign equities, 5% bonds), $110k 529 accounts, kids $80k brokerage accounts and ROTH IRAs.
Debt: $283k @3.75% interest mortgage, 20 years remaining.
After FIRE income: Wife job $220k/yr+, $15k/yr MIL rental apartment, tribal GWE (fed tax exempt) $25-30k/yr, $2k/yr state of AK permanent fund dividends.
Future income: $65k/yr pensions (59.5yo), $30k/yr social security, Tribal GWE payments should increase as the tribe expands it's economic footprint and members 62yo+ see an increase in GWE, inheritances (no idea how much but assuming around $1-2M), $4M investments (wife continues to work for 6 more years, 7% market return, continue to invest $40-50k/yr).
Expenses: $180k/yr. Assuming this will decrease as our son/daughter head off to college. Going to start shifting some expenses to our kids since they'll benefit from the GWE payments. College expenses should mostly be covered by 529, tribal tuition assistance, summer jobs, and GWEs.
FIRE Plan: Home maintenance projects, hike/bike/fish, nordic ski, garden, meet wife for lunch walks, travel more often to visit aging parents, volunteer trail maintenance, make yummy dinners for family, hang with our dog, hunt deer, and travel to exotic locales!
Throwing it all out there!
