geeky_grrl
Recycles dryer sheets
- Joined
- Nov 17, 2012
- Messages
- 226
I've been thinking about early retirement for a long time and lurking here for a few years. I think I'm in good shape to get out soon but I'm having a hard time getting the nerve up to take the leap.
Financial situation
- We're 44 and 45 years old, no kids
- Paid off house (though we will upsize in retirement) - probably worth $250,000
- About $4 million total investment; $2.5 million in taxable accounts, $1 million in 401ks, $.5 million in Roth accounts
Our current spending is $50,000 a year excluding taxes. It's been pretty consistent at that level for the past 3 years. Our costs will go up some in retirement due to health insurance, lost work perks, and increased leisure costs. I'm budgeting $100,000 a year to cover those costs plus have reserves for big periodic expenses like car replacements, roofs, etc.
Firecalc gives us 100% chance even without counting future Social Security income. The main thing holding me back now is our salaries. A few years ago we got substantial raises and equity grants and now each make over $300,000 a year. I'm pretty certain if we changed our minds and wanted to go back to work we'd never get another job paying anything like this.
I'm hoping to convince myself that it is safe and jump ship in January 2017 once I get my annual bonus.
Financial situation
- We're 44 and 45 years old, no kids
- Paid off house (though we will upsize in retirement) - probably worth $250,000
- About $4 million total investment; $2.5 million in taxable accounts, $1 million in 401ks, $.5 million in Roth accounts
Our current spending is $50,000 a year excluding taxes. It's been pretty consistent at that level for the past 3 years. Our costs will go up some in retirement due to health insurance, lost work perks, and increased leisure costs. I'm budgeting $100,000 a year to cover those costs plus have reserves for big periodic expenses like car replacements, roofs, etc.
Firecalc gives us 100% chance even without counting future Social Security income. The main thing holding me back now is our salaries. A few years ago we got substantial raises and equity grants and now each make over $300,000 a year. I'm pretty certain if we changed our minds and wanted to go back to work we'd never get another job paying anything like this.
I'm hoping to convince myself that it is safe and jump ship in January 2017 once I get my annual bonus.