Not financially savvy but wondering if I am ready to retire and would appreciate any advice for my current life course.
Hey, my name is Kate and I am a 46 year old nurse who is really, really ready for a life change! I am looking for financial advice to make sure I am on the right track. I own a house in the woods and have zero debt. I am also pretty frugal. I am outdoorsy, love to mountain bike, kayak and listen to music for fun. I make necklaces and bracelets, like to garden and make herbal medicines. Unless I indulge in travel, I live off between $800-$1000 a month, so usually less than $12,000 a year. (I read Your Money or Your Life when I was 25 and have been keeping track of every penny like a boss.)
About a year ago, I decided I really (really!) disliked my job and wondered about taking a sabbatical. I have worked as a nurse since I was 20 and feel like nursing is draining my soul! Knowing nothing about money or investing, I started educating myself about the 4% rule, read all of MMM's posts, and read JLCollins' book. From this self-education, I surmised that I could actually retire early and needed to save $300,000 to live off. Luckily I had already amassed about $170,000 from haphazard contributions to my hospital's 403b. Over the last year I have put additional savings into a Vanguard VTSAX
fund and started a Roth. Now I am at about $295,000.
What do I do now? I am planning on working another couple months to
reach the $300,000 goal and stashing the rest (probably $15,000) in my
checking account to live off of for the next year. Eventually I will start a Roth conversion ladder when I get that figured out.
My question is: Am I missing anything? Does this sound like a reasonable plan to educated financial folks? I realize I am cutting it close with only $300,000 invested but I am hoping that I can always go back to work as a nurse if needed. And, who knows?, I may even enjoy working part-time after I take a little break!
Looking for any input/criticism that anyone is willing to give me. Thanks so much!