Interested in hearing opinions on how soon we can/should retire.
Just found this site a few weeks ago, and been devouring all the articles. Wife and I aren't super frugal, but have always lived below our means. Wife has 10 years to go for a full Federal retirement, but we're thinking of bailing out soon. We don't think we'll need that much 10 years from now. Ages are 46 and 49 (me).
Income: combined $175K, DINKS, cheap medical through my state job. could have federal medical benefits til 65, if wife waits until 56.5 yrs old to retire. ACA and this website, is what has gotten us to thinking FIRE.
Current expenses: No mortgage, own a waterfront home on Puget Sound and a mountain cabin near skiing. no car payments, no water or sewer (we're on well and septic), only electricity, which is super cheap at the mountain cabin (max $200 a month both places) Stuck with Verizon ($120) for coverage at both houses, no cable, but Netflix, and $50 a month comcast internet. We eat out very little, and use Costco for as much groceries as possible. Most other discretionary spending is related to biking, skiing, and hiking gear. I only buy good stuff for those hobbies. That said, we're pretty well stocked and don't need much for the next few years, til something wears out.
Expected ER expenses: (optional, if relevant): Nothing to report here, unless the Feds take my screen name seriously, then I'll have room and board covered.
Assets: besides the houses (primary $400k and cabin $250k) and 2 cars, we have about $450K tied up in 401k and Roth, and don't plan to touch until 59.5. We would both have a defined pension, but reduced due to working years if we bail early, wouldn't want to touch until 62/65, about the same time we'd take Soc Security . We only have about $50K in cash and stock index funds right now.
Liabilities: none, annual property taxes are high , almost $6K a year for the primary, and $1500 a year for the mountain cabin.
Specific Question(s): I think if we sold our primary house right now we could invest and live off the dividends at the cabin, as the expenses there are almost nothing. Or we could work a few more years and keep both residences. I would like to keep both, and spend summers on the water, and winters in the mountains. We would spend a lot of time hiking and skiing, so we would still need at least one car, and gas would be one of our bigger expenses. we could also maintain a large garden at the waterfront house, right now we use that time to hike and ski. We both like our jobs ok, they just interfere with getting out when the weather is good, which in the PNW is always an issue. A definite First World Problem. So I think we've got age 59 - 62 covered with the Roth, and defined pensions and Soc sec to supplement after that. It's the next 10 years to get through. Do you think we could get there in 3 years with both residences? Or would you sell one and dive in?
Thanks for reading.