My FIRE calculations showed us retiring in 15 years, when I am 50.
How'd you get that?
I like
running the numbers, so let's do that!
Current income: $135,000 per year (my salary, my wife stays home and homeschools our kids)
Okay. Let's start with income, and taxes. 135k gross.
Minus 18k 401k contributions
Minus 12,600 standard deduction
Minus 4050 per person x 6 people personal exemptions = 24300
=80,100 taxable income.
It may be less, if you do an IRA or HSA or have other deductions, or whatever, but let's keep it simple, and know we're in the ballpark.
On that taxable income, you'd pay 11567.5 (1855 on the part in the 10% range + 8512.5 on the part in the 15% range + 1200 on the part in the 25% range) minus 4,000 (1k per kid) in child tax credits = about 7.5k in taxes.
That knocks your 135k income down to about 127.5 net (with 18k of it going in the 401k, and 109.5k left to spend/save outside that).
Savings:
401(k): $124K
Roth: $5k
Home equity: $86K
Cash: $47K
Spending:
$40k annual excluding mortgage and home-specific items
Okay, so, with the above amounts, plus the income/taxes we calculated, we can do a simple calc using
Networthify.So, we plug in 127,500 income. 40,000 spend. 176k current portfolio balance (I'm ignoring home equity, since you didn't mention if you're going to tap that to ER.. so we'll assume not, but you're in even better shape with that 86k, obviously). Leaving return on investment at 5%, and WR at 4%.
That gives me 7.5 years to FIRE. Not the double that, 15, that you got.
If you need a break, that's fine... but making it with all the correct information is always helpful, IMO.
Feel free to fix anything I have wrong from misunderstanding or lack of info. :)
If you worked a few more years until the kids were a bit older, then took a sabbatical, you could get most of the way to FIRE, and let the stache compound while you took the year off and spent a little (hopefully largely offset by renting out your house while you are gone--e.g. if you can rent the house for 1500/mo, that's 18k, and you can probably travel around in an RV for 20k or so).