38 year old male here, single income family with two kids. My current networth is 600k. All in investment / retirement accounts, no home, I rent. I am in a good IT job that pays well and can increase my networth about 100-120k (including investment returns) per year. If I lose / leave this job, getting another like this pretty difficult and my networth will increase much slower. I I stay put in this job for another 7-10 years, I am all set to retire for good.
It's all good so far. The problem is this. I have an increasingly growing frustration about going to work, associated social interactions, work politics, not having my freedom, the stress of being a single income earner for the family. Every weekend I keep looking at my spreadsheet estimating if I could retire now. I hate every monday going to work. Not that anything is hugely wrong with my workplace either. I feel it is just me.
What are my options here?
a) In a low COL area, rent will be 1K, utilities 500$, groceries 500$, ACA healthcare premiums plus cost 500$, clothing and unexpected expenses 500$ with a total of 3000$. If I can get to 800k in 2 years, I can call it quits and live off the interest and using future social security and medicare.
b) Quit tomorrow. (Really love this idea). Rest for 2 years. Then go back to workforce for 3-4 years till networth comes back to 700k when I will be 44 and then retire fully with this and future social security benefits.
c) Both the above might be tight on expenses especially with kids. So continue to work for next 7-10 years and hit 1.5 to 2 mill and then retire and even save some for kids. I really don't like this option but thinking about kids this seems to be the safest option.
Let me know what you think. Thanks all.
- Sam