Longtime lurker, first time poster. Appreciate all the insights that I have gathered from this forum.
Would like to get some feedback if we are FI. Work is ok....not too exciting...and would like to have the option of pulling the plug at any time, if warranted.
We are couple (both 45yrs) with 2 kids (12 & 10). Currently renting and plan to rent for the immediate future. All investment in stocks / bonds. No real estate.
Future Budgeted Spend (annual):
General Expense $50k
Rent $30k
Health Care $20k
Tax $30k
Total $130k
Have set aside $500k for children's education.
Current Investments (70% of it in after tax accounts; 60/40 stock/bond) : $3.5M
Additional $0.5M for children's education set aside.
Pension: None
Estimated Social Security : $30k per year (at 62 assuming no further income)
Question: Ignoring Social Security, are we FI or should we wait till we have $4.5M?
With $3.5M, withdrawal rate would be ~4% and $4.5M would get it down to ~3%.
Appreciate your feedback. Thanks.
F1
Would like to get some feedback if we are FI. Work is ok....not too exciting...and would like to have the option of pulling the plug at any time, if warranted.
We are couple (both 45yrs) with 2 kids (12 & 10). Currently renting and plan to rent for the immediate future. All investment in stocks / bonds. No real estate.
Future Budgeted Spend (annual):
General Expense $50k
Rent $30k
Health Care $20k
Tax $30k
Total $130k
Have set aside $500k for children's education.
Current Investments (70% of it in after tax accounts; 60/40 stock/bond) : $3.5M
Additional $0.5M for children's education set aside.
Pension: None
Estimated Social Security : $30k per year (at 62 assuming no further income)
Question: Ignoring Social Security, are we FI or should we wait till we have $4.5M?
With $3.5M, withdrawal rate would be ~4% and $4.5M would get it down to ~3%.
Appreciate your feedback. Thanks.
F1