I am 60yo, wife is 55.
Combined income = ~$240K
Total Debt = $298K (mortgage only)
Savings/Assets:
my current 401K = $258K
older pension = $206K
wife's 403B = $509K
joint IRA = $388K
house equity = +$125K
Other stuff:
have 5 kids, youngest is 18 and finishing high school
So, total retirement savings is about $1.3M. Almost no savings in taxable accounts. Since I am past 59.5yo, I treat my 401K as emergency fund.
I have a nice job but, frankly I have lost all energy for it. Been working there 30 years now and just can't summon any enthusiasm for going to work.
I can easily hang out another 3 years but, that would be pushing it.
Biggest concern for FIREing:
Our expense rate is ridiculous ... about $115K/yr. We need to get that under control before I FIRE.
Some reasons:
big house syndrome ... too expensive to run and always seem to have $10K/yr repair expenses
we both have long commutes (transportation/car costs)
we have been trying to help the 5 kids with college savings
too many pets (1 dog, 3 cats)
several medical crises over the years have cost us $$$
My current plan in 2016:
max out 401Ks
sell house and move to rental or condo before the summer
youngest son is off to college next year ... simplify life
get rid of cats ... dog is old and good for another 2 yrs max.
get expense rate to < $80K/yr by end of 2016
I want to simplify life much more and shed excess material items. I discovered MMM this year and wish I had discovered it a long time ago.
One wild card is that we have 3 aging parents still, with health issues.
This will be a source of stress, distraction, and financial concern for the year.
I would really like to retire within 3 years, to keep my sanity. I hope to get a low stress/low hours job afterwards to keep busy.
Any thoughts, or advice?