Can we retire today?
Life Situation: Married filing jointly, me 45 wife 52, 2 kids 11 and 8 NJ
Gross Salary/Wages: $225,000 income $60k bonus $60k stock options, Individual amounts of each Pre-tax deductions 401k, $18k per year + 4% company match HSA $6750 per year, IRA $5500 me $6500 wife non deductible per year,
Other Ordinary Income: $40k -$50k cashflow from 5 fully paid apartments. (depreciation/ fixing things usually results in no taxable income i.e. I put solar panels on the buildings this year with 50% depreciation ) -
Qualified Dividends & Long Term Capital Gains: about $60-$75 in dividends although I have tried to minimize this
Adjusted Gross Income: My agi was $994k last year but I cashed $500k of stock options from past few years. should be $400 this year
Taxes: paid $300k federal $85k NJ etc this year. $13k property tax I didn't pay amt this year but usually do.
Current expenses: Mint says I spent $105k last year although this includes a bit of saving i.e. mortgage principle, transfers to saving etc.
mortgage payments, $2360 15 year 2.8%rate $1750 principle and 610 interest (I keep it as I'm in the 39.8% federal bracket and I have had pretty good investment results over the years)
Expected ER expenses:expected expenses in retirement $110k per year
Assets: total net worth $7,650,000 including One house we live in $500k , 5 apartments free and clear $400k, $1.1M in 401k/IRA, currently $3.5 M stocks, $1,650,000 cash and "special situations" (stock to cash ratio is changed with market valuation) $280k pension annuity, $250k I bonds paying 3 - 4% + inflation, Kids have UTGMAs of $400k each for college i sort of over shot investing for them. other assets are non cash things like cars 1999 Ford -$500, 2001 Toyota $1000 (you get the idea) .
Liabilities: 262k mortgage on primary residence
I have recently started to do really well moneywise at work but it is a lot of stress, by nature we are somewhat pathologically frugal, but not totally austere. if i walk away i don't think i would get my current salary again if i wanted to go back, so conservatively can i pull the pin and walk away and not worry about having to work again?