50 yo, ready to retire, two teens, wife will continue to work.

JRodAK

Confused about dryer sheets
Joined
Mar 6, 2025
Messages
9
Location
USA
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!
 
As usual, I'll ask if you have run FIRECalc? It sounds like you have your figures together (with the most important being your expected expenses in retirement).

My gut says you've got it made. Welcome to the forum. Nice to have someone from a state as exotic as mine (Hawaii). Please check back often.
 
$110K + $15k tuition assistance will cover a 4 year in-state tuition-or close. You might want to consider the variance if the kids go out-of state though. It s a pretty big delta.

I had 1 go in-state and our estimates we're ok for that, now i have one considering out-of-state and I'm getting nervous :)

Good luck!

pwf
 
I think with your wife continuing to work you are in good shape, especially considering the various other income sources you have; in addition to wife's income. As long as your wife is good with your plan, I don't think there is a financial reason to stay working in a job you do not like. The tribal benefits are nice. Good job on the savings to this point.
 
As usual, I'll ask if you have run FIRECalc? It sounds like you have your figures together (with the most important being your expected expenses in retirement).

My gut says you've got it made. Welcome to the forum. Nice to have someone from a state as exotic as mine (Hawaii). Please check back often.
I have run FIRECalc, good reminder to do so with my wife though.
 
$110K + $15k tuition assistance will cover a 4 year in-state tuition-or close. You might want to consider the variance if the kids go out-of state though. It s a pretty big delta.

I had 1 go in-state and our estimates we're ok for that, now i have one considering out-of-state and I'm getting nervous :)

Good luck!

pwf
Some of the schools my son is interested in provide breaks in tuition under the Western Undergraduate Exchange program and one (Ft. Lewis College) provides free tuition to tribal members. Also hoping the kids summer earnings and tribal GWEs can go towards college costs. Although our daughter seems to be looking at some pretty expensive private schools!
 
I need to find me a wife with a $220K income. Congrats.
 
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