You're looking really good financially! I would not wait for a market correction - what if it turns out we're at the start of a bull market?
That $175K in the bank is losing 2% per year via inflation, and is the only number I see that 's concerning.
Since you're interested in real estate, but not so much that it would take too much time, have you considered buying a REIT such as SNH - Senior Housing Properties Trust? SNH has dividend yields of 9.03% annually. (See
Become a Lazy Landlord with REITS)
Doing a little math with just the $175K, plus $3500/month (for 5 years - assuming a retirement at 50)...
Today's numbers:Annual budget: $54,000
25x needed to FIRE: $1,350,000 (assumes 4% SWR)
Saved-to-date: $940,000
Needed: $410,000
Future case if $175K + annual savings invested at 9.03%
Annual Savings Total after tax +REIT yield (9.03%)
Year 1 $42,000.00 $217,000.00 $236,595.10
Year 2 $42,000.00 $278,595.10 $303,752.24
Year 3 $42,000.00 $345,752.24 $376,973.66
Year 4 $42,000.00 $418,973.66 $456,806.99
Year 5 $42,000.00 $498,806.99 $543,849.26
This would be enough to retire on in 5 years WITHOUT INCLUDING your pension amounts. Don't wait TOO LONG to pull the trigger on FIRE / retirement / your long sabbatical. Do you know how much the pension amount would be if you retire BEFORE reaching 50?