Can I retire? Evaluate my Plan

[Atomant32]

OK all. First time posting here, long time lurker. I have been working towards FI since I started working out of college 8 years ago, and think due to multiple factors I am on the precipice of actually being able to. My apologies for the longer post, I will try to keep it brief but want to ensure I get the pertinent facts out so I receive the most informed advice / opinions.

WORK: I do not enjoy what I do, although I am good at it (I work in corporate finance). My weeks are currently in the 60 hour range, and are fairly high stress for a variety of factors. Oh, I also just got promoted at work and now live in Switzerland which I don't think is 100% pertinent to the conversation here but perhaps is worth mentioning (I can always move back, the cost, believe it or not, is not prohibitive). 

FINANCES: my wife and I started off our professional lives with about 110K in student debt (combined) which is now zero--we are 100% debt free. Our net worth is roughly $1.2M. Our annual spending is around $30K (this is based on what it would be if we were to move back to the US, not stay in Switzerland), but since we are expecting our first child I am bumping this up to $50K (to account for a mortgage that may or may not occur, additional health insurance costs, and miscellaneous "buffer") . Our passive, usable income stands around $30K / year, but since that is rental based it will rise over time. My wife does not plan on retiring early at all--she makes around $45K / year after taxes and will work until she is nearly 60 so she says. I too plan on working part time, either contract based seasonally (I snowboard professionally in the winter), or part time year round--call it perhaps $30-35K / year after taxes in terms of what I would bring in with this plan initially, with further upside as I "tune" things over the years.  Childcare would be minimal, as I would be home most days or my wife would be (she works flex time). 

I fully expect to still contribute to our Roth IRA (11,000/year), and have my wife contribute the max to any retirement program offered by her employer. I would like to still keep saving as well--its fun, and will ensure we are able to continue forth on less income.

The issue, as i see it, is that I am terrified of taking this jump--should it be something I can even do (not convinced). Not sure what all you guys think, but I don't want to spend any more time than I have to working in a career I don't enjoy, not snowboarding as much as I could while I am fairly young, and having less time with my soon to be born son.

Advice?

[randompants]

I think you can do it particularly since you're expecting to still have a reasonable household income that would roughly cover your expenses going forward. Only questions I'd ask myself -- what if you had a second child? Do you care about private school?

Many of my friends (and myself) used to work in finance and most have been much happier and more productive since leaving.

[chubbybunny]

I would say mathematically you are definitely ready to retire.  However, the question as to whether you are truly ready is going to be based on how your wife feels about it. Like the other poster said, more kids?  Private school?  Spending creep is real, and not everyone wants to live like they did in their 20's.  Will she resent it?

Also, part time contract work isn't the same as retiring.  If you can bring in $30,000 a year and your wife makes $45k, that's actually 50% higher than the median income in the US.  It's more than you are spending now, so even with that scenario you are still saving a good portion. 

Quit soul sucking job?  YES
Retire and snowboard all year?  NO
Something in between?  Sure, make sure your wife is cool with it.

[Atomant32]

My wife and I are pretty well set on just one kid.

Completely acknowledge this is semi retirement.  The goal is to drastically reduce my working hours to the threshold where I find fulfillment but not stress, and of course snowboard WAY more!

[lamil]

Just wanted to throw a shout out for trying to still live the dream on snow.

I'm down to a yearly trip for the most part now from 100+ days on snow back in 2010.

I didn't even get on a board this year =(

[ysette9]

It sounds like you are financially ready to pull the plug but nowhere close to ready mentally. I would recommend you read Living a FI's "Quit Series" on his blog. The posts are long and he really delves into the psychological aspects of why he was having a hard time quitting and how he went about getting comfortable with the idea.

Instead of saying you are taking the massive step to FIRE now, what if you took it as a temporary situation to be reevaluated at a later time? Having a kid is a drastic change and a good opportunity to make a break on the work front to focus on more meaningful personal things. If I were in your spot I would plan on taking a year off to be with my baby. Then reassess after Year 1 to see how you feel.