Thank you all in advance for your advice and comments. We are a family of 11 in Southern California in a high cost of living area. Starting to build a stache... but a knuckle-dragging novice at moment. I want to retire in 8 years at 50 to spend my time and personal capital developing what will then be 5 boys ages 10-12-14-16-18. My gals will also benefit even if in college or moving on. (started with 4 daughters). Being a larger than average family I know things move slower and I must accept a pace more reserved. The blessings for us have far outweighed me even having to work my max length as described in the post.
Here's the horsepower:
Married filing joint/ wife is a stay at home mother. Claiming Married 12 and always getting a large return despite.
I am a government employee in public safety with a remarkable pension. My gross salary at present is around 135,000. I can retire in 8 years with an 81 percent pension which will gross about $10,300 a month. A net gain over what I make now with mandatory pension contributions. (This pension is very secure)
Own a home valued at around $750,000. 3.5% 30 year fixed with a payment of $2334 with impounds. around $1800 without taxes and insurance. Balance on the mortgage is $375,000.
My 401k = $140000. Roth IRA 12,000 wife 12,000 (Just started these a couple years ago)
Debts = Car loan for a small bus which hauls our family dozen around town and gear... 3.5% $23,451 owed on it
HELOC = Used for a home emergency (slope issue) and solar panels. $45,000 at around 6%.
Other obligations are only simple utilities and food. (so much food!)
With tons of fat we can still get badass with.... Our monthly budget without any kids college, wedding plans, etc... is around $6500 a month to maybe $7000. This includes the payments on aforementioned debts.
My questions is this... Can I retire at 50? It seems I can... I can contribute the max to my 401k of $18,500 between now and then as well as maxing out our Roth IRA's. This should give me more than I need to live even before taking spending to badass levels.
I have the option of working in a deferred retirement area until 58, but at that point I would gain an additional 600,000 in a deferred retirement account and an additional 10% bringing my net income up A LOT more.
I just don't want to work at the expense of my boys and lose those years. But that income could do a lot. What do you think?
Monthly spending across all categories including charity (tithe) and food etc is $6596.
I do not know what help we can give or would give with the kid's college costs with nothing saved specifically for this to date. Mom home-schools the kids but it still has an expense since it is a private parochial program. (Annual cost for the family is around $5000)
I would expect expense after retirement to go up due to trying to cover health care costs etc. This may prove prohibitive. In that case I will work until 58 years old for a gross pension income of closer to $14,000 a month. (with an annuity for a 5 year deferred retirement fund). This MAY cover health care etc and some college assistance.
Thanks for any advice.
Ed