I don't think a full case study is needed here, but I need help figuring out my FIRE plan. I'm not the typical ER case. I'm 46 and my wife just turned 52. I plan to retire in 2021 or 2022 depending on how things look. This should be possible, but I don't have the typical taxable accounts that most here have. I'm trying to figure out how fund the first part of retirement and figure out where my priorities should be investing wise to be setup for the best case when I pull the FIRE trigger. Here is the general situation:
~$360K in 401K accounts. $20K is ROTH and $34K is a rollover IRA from another company.
~$100K in taxable accounts
~$35K cash
~$13K IRA for wife (plan to fund $6500/yr until FIRE)
I own a house that I owe $203K on and it won't be paid off for another 12.5 years. I pay and extra $100/mo to principal, but may stop that. The house is worth $320K, but I don't really like counting it in my NW since I plan to keep it in FIRE. Paying off the house would require $1K/mo less needed in FIRE, but I don't think I'll be able to pay it off before FIRE.
I make too much money to get a tax advantage to fund and IRA for myself and I don't think I can fund a ROTH either. I've been thinking that the SEPP might be the way for me to go, but I'm not sure how that is taxed. Any experts out there on that? What is my best strategy here?
I currently have 30 years of earnings according to SSA and I will be working long enough to have a full 35 so my SS will be substantial when I do take it. Can anyone offer good advice if I should take it early? I had originally been thinking about waiting until 70 for max benefits. My wife has enough credits to qualify for SS, but hasn't worked in over 20 years. Wondering if she should wait to file or go early. She will be much better off claiming half of my benefit, but she is also 5 years older. It's much better when the high earner is older, but it is what it is and I'm just trying to figure it all out.
So I guess my real question is: What strategy is best for my situation when I do FIRE and where do I direct my savings?
Thanks in advance!