Age: 40 NW: 3m Married with a 10 y/o Annual expenses about 80k I live in a MCOL suburb. House is paid off and worth approximately 1m. We have 2m in liquid assets, mostly in my retirement and brokerage accounts. Normally, 4% SWR = annual expenses would be cutting it too close, but my spouse has a stable job and won’t retire anytime soon (tenured professor, TC 100k). Meanwhile, my job pays well but is getting more and more stressful (TC 450k, 15 YOE).
If your spouse will continue to work then you can definitely quit your job. At this point you can simply live on your wife’s salary alone. Plus you can let your portfolio appreciate in value - you have enough that fat FIRE is also totally another option.
If your wife is willing to keep working it seems you are covered with an additional 100k + health care. Good lifestyle too if you all can travel in summer etc.
You can. With 100k coming and I assume good health coverage as well, you will barely touch your principal
Why fire so early. Find a low stress (low pay) job that you enjoy doing for another decade. What are you going to do sitting home (since you spouse is continuing to work i can’t imagine you can take off to vacations without her).
That's what I imagine too, your friends are probably still working too, and your kid is in school. So you gonna watch day time Tv and tidying the house? Do your nails? It sounds great to me lol but long term is probably not very fulfilling. Maybe not a job tho, hate jobs, maybe can consider a hobby that you can turn into a business. Like make ceramics and sell them?
Spend time with my kid and keep them off TikTok?
I don’t think the question is “can you fire”. You definitely can, your wife’s salary alone basically covers expenses. I think it’s “should you fire”. What’s the plan once you quit? FIRE is as much about what you do instead of work as it is about not having to work. Do you have a passion thing or something, with the costs of which factored in to your annual expenses?
Zucc is burning me to a crisp, IDK what are passions 🤷🏻♂️
Well then step one is take your foot off the gas at work a bit and take a look around. If you FIRE without a plan you’re gonna have a bad time.
I don’t think you will need to retire.. all you need is a 6 month sabbatical after which you will be bored and want to do something. At that point, Pick up a low stressful job with a moderate salary and you will be good..
How old is your spouse?
We are both in early 40s.
Were you concerned they were 10 years old?
I don’t understand the fun in retiring. Instead you could join a smaller company with less work load and enjoy your life. Coming to SWR, One problem with SWR is that it projects economic and financial conditions at retirement to continue as-is into the future, when in fact they can change in the years or decades after retirement.
From the US?
Work few more years to reach 5M, always consider inflation when thinking about retirement Also, fire is not fun, grass is always greener on the other side
I just took a 9mo sabbatical that was, by an incredible margin, the best time of my life. I look forward to permanently retiring even more
Amazon if you don’t mind me asking what did you do in your sabbatical
A 10 year old already? U should have waited another 10 years
bad take. 30 is the perfect time to have a kid
Lol I'm 33 with a 10 y/o and a 6 y/o. It's worked out wonderfully. I'm still young and energetic enough to keep up!