What would you do?
Wife is working 44 hour per week job in health care that drains her physically and emotionally. She spends approximately 10 hours commuting per week.
There are limited opportunities to find work closer to home and additional earning potential is limited to 2-3% annual raises over the course of the career.
She could resign current position as a manager and continue working part time PRN for approximately 20 hours per week making at least 35k, probably more depending on PRN rate.
We have other viable business ideas that we have been unable to put into action due to lack of time. With the additional time off, wife could work on business ideas that would be more meaningful and fulfilling than current work and could eventually transition to that full time.
We are close to full retirement and could certainly continue to save at a lesser rate even on husbands salary alone. However, with the market being high and additional expenses with kids in the future, we are not sure if now is a good time to scale back. Should we put in a few more years of "super-savings" before making this transition?
Details are below but please ask if you need additional information.
Total net worth: 595,000
That is broken down as follows:
-160 k in tax advantaged retirement accounts
-185 k in cash (recently acquired in lump sum that we have been hesitant to put in the market as it is very high at the moment. Also searching for potential rental income properties)
-250 k in house with paid off mortgage
Annual income
Husband: 80 k
Wife: 73 k
Annual expenses
-Currently: 30 k/year (includes luxury expenses such as vacations abroad)
-Bare bones expenses: 22 k/year
Potential new expenses:
Anticipate having kids in near future
Ages:
Husband: 29
Wife: 28
