Newbie, possible FIRE and relocation plan question

[Hatcher39]

Hello, I have read forum for a while and this is my first post. I am 45 years old and contemplating a semi-early retirement and relocation from the New York City area to Apex, NC that would give me much more time to spend with my two young sons (8 and 10) and spouse (40) but unsure if the financial plan is best in long run.


I have a job offer in Raleigh area that would provide approx. 50,000 a year and a small vested pension after 5 years that would allow me to work significantly less than I currently do combined with an immediate non-cola pension of approx. 75,000 a year that also has medical coverage for family.

We would probably be able to purchase a home in the area and have a minimal mortgage (less than 100k).

We also have approx. 400,000 in a 457 plan along with spouse's 100,000 IRA and 70,000 Roth IRA

We have save approx. 15,000 for each child in a 529 plan.

The fears we have are:

Will inflation eat away the non-cola pension to provide a long term comfortable lifestyle?

Is the pension plus a 50k job in Raleigh/Durham area enough to provide a good life for family?

Although FIREcalc says things look promising, looking to hear from mustachians that have done similar.

[former player]

Wow.

Depending on your particular life expectancy, at 45 you are probably looking at another 40 years, which is a long time to rely on a non-inflation pension.  For example, look back 40 years at whatever was the 1975 equivalent to a current income of $75K and ask yourself how it would feel to live on it today.

But, on the other hand, you say you would have an immediate pension of $75,000 per annum and work income of $50,000 per annum.  You would have an income of $125K per annum, medical insurance and a minimal mortgage.    You also have $570K in investments plus another smaller pension accruing while you work.  If you aren't sure whether that is sufficient to provide a good life for your family you are probably on the wrong forum.

How about this: you work out how much of your $75K pension you would need to invest each year in order to do the equivalent of inflation-proofing it with additional investments.  Then work out whether you can live on what's left.