Household NW: 2.5M (excludes paidoff home 1.2M) - 401Ks/IRAs: 1M - Taxable: 1.5M Age 44, Married, 1 Kid College fund: 300k (not included in NW) Combined TC: $750k Retirement needs (not adjusted for inflation) - $120k/Yr before taxes - at 3% withdrawal rate, need $4M nest-egg Can I coastFIRE now until 2.5M grows to inflation adjusted equivalent of $4M? I’ll take a low paying low stress job, to pay for lifestyle but don’t save more. (Or) Should I grind for 5 or more years until I get to $4M nest-egg and then FIRE or CoastFIRE at that time. I don’t enjoy work, but I’ll also worry about what ifs if I am not confident if my nest-egg will last. #personalfinance #FIRE
Lucky man
Coast fire now while health is still on your side!
I’d say you’re pretty much there. Maybe consider going for another .5, but honestly you’re in the green. Just depends how bad you want it
My profile is similar, except I have only $150k in college fund. Kid has 12 years to go. Taxable investments are 2.5 Combined tc is lower. We have mortgage payments for another 15 years, so we keep working. No 🔥 Target is 7M at 56. What is coast fire? I know of fat fire.
Coast FIRE is not really FIRE. You will still continue to work but only work enough to pay bills and wants (like vacations). Don’t add/remove from savings.
Coast fire is what op is describing. Your retirement is taken care but you still need to work for expenses but no need to save. Compounding will have you FIREd in a few years
You're the one who earned this money - do what you feel comfortable doing
what's a low stress low work job ?
I don’t really know. I am thinking like working a contract job (in Tech) for 6-9 months/year, and one of us could take a break from work as long as we bring in $120k/year combined.
Congrats! Enjoy when age is on your side, Coast fire now. What's your location?
You are looking at (approximately) 5 years vs 15. We don't know your preferences enough, or how bad work is now The best option by far is to keep the high TC but improve your work situation. Which may mean changing teams or companies
Does your partner plan to keep working?
Same as me, wants to switch to low stress job that’ll pay for our lifestyle (combined TC of at least $120k)
If you’re both going to coastfire and still each keep a job, I think you’re good to go now