I’m 45 and would like to reach FIRE status at 48. My wife and I are savers and through blood, sweat and tears I feel we are in a good place, very fortunate.
That being said, a few financial calculators out there are not too positive with us reaching FIRE status by 48. Whether I retire or not, I would love to feel confident that I could walk away at 48.
Any feedback is appreciated......
Here's the rundown:
Salary
$655,000 / year
$90,000/ year (will receive state pension of ~25,000 per year)
Investments / Cash
$435,000 – IRA
$1,730,000 – Investments (after-tax)
$75,000 – MMA
Sales of business related
$780,000 – After-tax cash distribution (will receive 2021)
$2,350,000 – (starting 2021, paid over 7 yrs, 168 payments)
529 plans
$135,000 – 12 yr old
$130,000 – 9 yr old
Assets / Liabilities
$550,000 – Primary home (no mortgage)
$1,500,000 – Second home ($830,000 mortgage, 3.375%, $5,625 / month)
2015 and 2017 cars – both paid for
Expenses
$15,000 / month (mortgage, taxes, insurance, groceries, kid's activities, charity, house related, utilities, meals out, etc.)