Good work, and best of luck with your plan.
I semi fired in June 2016. I liked the idea of easing into retirement sooner as opposed to a full stop later. I had a stash around $620k when I Fired. No mortgage, but we do pay high property tax.
DH owns a small business that earns enough to cover household expenses, but I like to contribute and to also pay for my own personal expenses and for family treats and extras, like the gym membership, vacations, home improvements, entertainment, etc. My goal was to have $4k/month in income from combined investments and part time work.
For the first few months I just relaxed and enjoyed my first summer off in many years. In the fall I started my own consulting business. I have 2 clients now and work around 24 hours a week.
In that timeframe I withdrew around $12K from savings and earned about $6k in business income. Because the market has been up, my stash is about $10K higher now than when I fired myself 6 months ago.
So far its working out really great, but I'm still figuring this out. Here are some things to consider before you pull the trigger:
1. Health care costs are really high. Do your research on this ahead of finalizing your FIRE date. Timing can make a difference when you voluntarily quit work and may result in higher costs, or a waiting period between plans. And who knows how all this will play out if ACA is repealed.
2. I found out that I REALLY dislike withdrawing any money from my savings accounts. Its like a mental block, due to such an ingrained habit of saving. I find that I'm not doing things I would enjoy and can afford (like a trip to New Zealand) just because I don't want to withdraw $. I'm hoping this problem will go away as I adjust!
3. Starting up the consulting business and getting contracts signed took more time and $ than I expected. I spent about $3K on startup costs including my website, technology, supplies, marketing, liability insurance, accountant/lawyer, etc.
4. There are Major tax and financial benefits from having your own business. For example I can put over $50K in my new solo 401k, tax free in 2017. I can write off a lot of expenses and control my taxable income.
5. I'm never bored and I have a lot less free time than I thought I would. Before I Fired, we had more office, house and yard help and of course we cut back on that. My extended family also has lots higher expectations of me now that I don't work my corporate job. They delegate a lot of errands and projects to me and expect more visits and such. My friends who are still working also expect more of me...they assume I have the time to do the organizing of our social stuff.