Hey everyone,
Been learning a lot since I started hanging out here, and I appreciate everyone's input thus far.
I've been saving and shoring up my situation, and looking at what is possible as my job situation has become increasingly less desirable.
I have a stache of ~900k, ~60k expenses, and have had some side job income of 13k this year. Just got notice they want this work to continue into 2021, and may end up being about 20k for the year.
so at 4%, I could take 36k from stache, have about 20k side hustle, and then look for some other side jobs to bridge the gap, I think I can more effectively look at decreasing yearly spend once off the merrygoround of 60 hour work weeks, and/or go a little above the 4% here and there if needed.
So - I'm not really lean, and I'm not really coasting. Is this not advisable to even try to do? I'd really like to try, and see where I can get on my own terms with the side hustle. My mental and physical health are showing some wear and tear, and I've really been fighting with the "can't afford to" "can't afford NOT to" aspect of it all.
In 11 months, I'll be 55, and can access current dayjobs 401k without penalty, so I am going to try to make it to that point. I have about 15k saved outside of retirement accounts, and am currently putting 1k/pay check into 401k to max+catchup going forward.
Possible, or no way? If I do do it, and I can push myself until November 1st - what should I consider on a todo list moneywise between now and then?
And I think if the stock market tanks between now and then, it would just be too risky and I'd have to give up the idea, but if the stock market bounces up after the transition to prez biden, and the widespread administration of the vaccine, and side job going well.....I think i could do it....
Assumptions:
side job goes away/fully retire and ss income kicks in to replace it ~62-65
downsizing is always an option (200+k equity in desirable neighborhood)
Uncertainties
Not sure what taxes may be on this scenario
healthcare before medicare - ACA, but at what cost?
Thoughts?
madness? or sanity?