I'm fairly new to the MMM community, but have been drinking it in pretty fully for the last couple months. I've been trying to put my own plan together and am surprised to not see anyone thinking along the same lines I am (or perhaps I am just missing it). Does my plan make sense? Feel free to poke holes.
Current Vitals:
37 years old
401(k) at $220k, contributing $15k per year currently
Rainy day savings of $25k
Investments at $26k, minimum plan of contributing $18k per year with real goal of $30k per year
Home valued at $230k, just under 15 yrs left on mortgage $178k left
Goals:
Approximate monthly expenses semi retirement (not hard expenses, but allows me to live comfortably) - $4000/month
Semi retire when mortgage goes to zero - 15 years or 52 years old
Get non 401k investments to $600k by semi retirement - 15 years or 52 years old
Withdraw 5% per year, or $2500 a month from non 401k investments
Wife and I get part time jobs/other income to support $1500/month gap between withdraw and monthly expenses
Let 401k grow as long as possible, first opportunity to withdraw at around 60, delay if possible
Maybe I've missed it... but, here's the part that I haven't seen anybody talk about. My plan is to retire on my 401k and let it grow as long as possible while drawing down my non 401k investments at 5%, ok with that money running out at or after 60. That would leave me with a minimum of 8 years (52-60) to draw down that $600k. If it lasts longer, great. That will give my 401(k) longer to grow.
Does this plan make sense? What else should I be thinking about? Thanks everyone.