Hello, first time post. Nearly 40, stay-at-home wife is 4 years older, with two sweet children ages 7 and 10. Have a good tech job at MegaCorp, but dreaming of RE to maximize time with family. We've been saving and tracking expenses for a couple of years, but with the kiddos so young, am cautious about risking financial security. Whether or not i actually pull the trigger, I'd like some thoughts regarding if we're in a good position to do so if wanted, say after one more year.
House is paid off, worth ~$500k. No debt anywhere else, whatsoever.
Retirement accounts for spouse and myself..
ROTHS IRAs - $327k
401ks/Traditional IRAs - $876k
Retirement Plan - $152k
Social Security - pessimistically not counting on any
Taxable brokerage accounts - $2.3M
529 for kiddos college - $236k
HSA - $21k
Yearly spending, including extravagances like extended vacations - $129k. I anticipate my retirement spending to continue at this level. Factoring in income taxes, our annual spending is $146k.
Vision would be to live off the Taxable $2.3M until spouse if 59. The $1.5M retirement accounts grow (with no new contributions) in the meantime, hopefully to $3M+ by that time.
I could work a few more years, continue to max out retirement account contributions, grow brokerage savings etc. My W2 is about $250k, from which i squirrel away about $100k into these accounts annually. But each extra year of security is a year lost of prime family time.
So how do we stand?
House is paid off, worth ~$500k. No debt anywhere else, whatsoever.
Retirement accounts for spouse and myself..
ROTHS IRAs - $327k
401ks/Traditional IRAs - $876k
Retirement Plan - $152k
Social Security - pessimistically not counting on any
Taxable brokerage accounts - $2.3M
529 for kiddos college - $236k
HSA - $21k
Yearly spending, including extravagances like extended vacations - $129k. I anticipate my retirement spending to continue at this level. Factoring in income taxes, our annual spending is $146k.
Vision would be to live off the Taxable $2.3M until spouse if 59. The $1.5M retirement accounts grow (with no new contributions) in the meantime, hopefully to $3M+ by that time.
I could work a few more years, continue to max out retirement account contributions, grow brokerage savings etc. My W2 is about $250k, from which i squirrel away about $100k into these accounts annually. But each extra year of security is a year lost of prime family time.
So how do we stand?