Newbie is Fire possible in next 7 to 8 yrs..?

[3vader]

Status-Married no kids. Age 44

120K-Income
200K- 401k  (Saving 33K Yr)
210K- 401K Rollover
40K- Roth (Saving 12K Yr)
40K-Brokerage (Saving 14K Yr)
10K-HSA (Saving 7K Yr)
225K- Payed off home.
110K-Rental property payed off. (9K Rental Income)
20K - Emergency Funds
20K Yearly expenses
Plan is to keep rental after retirement.

Questions:
Should I be saving more to my Brokerage account vs 401K?

Is it possible to Fire in 7-8 years?

[Tester]

You are extra fired????
20k expenses minus 9k rental income, 11k.

500k savings (not including the house and rental value) at 4% is 20k.

So go do whatever you want right now.

[cool7hand]

There is no one right way to FIRE. I agree that you can FIRE now. Or CoastFire. Check out this solid prior post on investment order: https://forum.mrmoneymustache.com/investor-alley/investment-order/. In your shoes, I would be investing in a brokerage account presently with the goal of covering my yearly expenses. But what's right for one person might not be right for another.

[Freedomin5]

Yeah, you’re already FIRE based on your numbers. If you’re going to have trouble withdrawing from your 401k before a certain age, then you should probably start beefing up your savings in your taxable accounts. .

[reeshau]

It looks OK, but this is the barest minimum of expense information you can give--so the answers are just as limited as the input.

What provision for health care is included in your $20k?  Travel / hobbies?

[3vader]

Thanks for the feedback everyone. We would like to continue to work and save aggressively if possible until age 52 or 55.  Another possibility is to move to Mexico- La Playa. My cost of living should be a lot less. Thoughts?

[bbqbonelesswing]

Thanks for the feedback everyone. We would like to continue to work and save aggressively if possible until age 52 or 55.  Another possibility is to move to Mexico- La Playa. My cost of living should be a lot less. Thoughts?

Sure, sounds fine. As others have noted, you can FIRE now if you want to.

[MrThatsDifferent]

Thanks for the feedback everyone. We would like to continue to work and save aggressively if possible until age 52 or 55.  Another possibility is to move to Mexico- La Playa. My cost of living should be a lot less. Thoughts?

If you haven’t already, take the time to read through MMM’s blog posts. As many as possible, it’s worth the investment of time. You have only $20k/yr expenses as a couple, honestly it doesn’t get much cheaper than that, even if you go to Mexico. And that’s not even counting what your budget would be if you no longer had to work. You’ve achieved FI. Pad it as much as you want, but know that you’re working to cover your fear more than because you need to. With $20k expenses, you both could easily quit full time work and find some part time gig to cover that if you needed to. You’re fine. Educate yourself to manage your fear, then create a plan.

[3vader]

Thanks for advice MrThatsDifferent! MMM blog is very informative. I do have lots to learn as I start newbie Fire journey.  It really is good to hear from other people that we are on the right path to FIRE!:)

[Tester]

I will say it again, you are fired.
Nobody says to stop working, but think hard about what makes you tick.
You have the freedom to live life on your own terms - use it, this is how I think about the fire idea.

[3vader]

Thank you Tester! Not sure if I'm ready to pull the plug yet! Good to have options! Thanks everyone!