so little background.... High income earner for last few years (over 300k) before that I made 100k per year
I had planned on 2022 FIRE, but now I'm planning on 2020 at 48 years old- single
So help me with analyzing my plan.
Current stats
401k 635000
vanguard after tax brokerage account 618000
House- Paid for HCOL area value 500000
cash in various accounts 75000
maxing 401k plus 7% company match
20k per month going to vanguard brokerage account 70/30
Renting current house for 2800 per month, while I slow travel Thailand on my time off. So using the 2800 per month to live on while not at work.. Currently work one month on one month off
side gig- Ice vending machine--- split income with partner - 25k a year
So the new plan is as follows
FIRE Jan 2020
Adjusted values for FIRE\\
401k should be at 700k at fire date- Assuming 6% and maxing input till then
Company pension taken at 48 years old on fire date would be transferred into 401k - 270k
That should give me 970k in 401 at 48 years old... Let it ride till 60 so should be at 2mil figuring 6%
Vanguard should be around 850k on fire date
So my plan would be to live off the vanguard account for the first 12 years of fire.... I am making an assumption with no side gigs of living off 50k a year... I will have two side gigs, and with whatever each of these make I will adjust to not take anything out of my vanguard unless I have good reason too
with these assumptions, I think that I will have roughly 2.5m at 60 years old including 401k which will have grown and whats left from the vanguard account..... Thoughts?
I live in a hcol area just for taxes (texas coast) so my annual taxes and insurance for my house is 10k.....other than taxes, one of my side gigs (fishing guide) is pretty expensive hobby/side gig but I figure just doing 80 days a year would net me 25k after all bills, gas , boat maintenance and all etc
I have a cash account not listed above with enough money for me to buy a new truck, and I currently have a new boat that is payed for in the states just waiting on for when I come back... In process of the build on it now
Oh also, my company will be giving me a retirement medical package of 9800 a year.. To pay for doctors, dentist, premiums etc.... I haven't figure enough of that out, but will be researching it more in the coming months
so if you guys could take a look at my plan and tear it apart for what I'm missing\\
Everything I check and analyze says that its easily doable with a nice comfortable life, but I feel like I'm just missing something... I never made the assumption I could leave early from work, thought I was going to have to work all my life so didn't plan as I really should have.. But going from 100k a year, to 300k a year for the last few years have giving me some huge insight to what I can do
Also, the above does not take into account social security or a small pension from my last company that I worked for in my late20s/30s
Thanks
Tex