Early 40's, family of 5
Track expenses on mint
Last year, mint says we spent $168,000... went up a lot after we moved to the suburbs and had kids a few years back
Mint says our assets are $6,100,000
That includes a 700k house, so $5,400,000 in stocks and bonds
That's a 3.11% WR so that seems good, but the following would need to be considered:
1. Taxes--don't think I'll pay much in retirement, but probably a bit. Not factored in above.
2. College--more than 10 years away, but three kids so...
3. Unanticipated costs: Do kids get more expensive as they get older? A lot of the $168 is child care (say 40k or more). Seems like they might get cheaper without all the childcare
4. Stock Market seems high and geopolitical risk high, but I am pretty widely diversified
On the plus side, I think I can save some money after retirement by lowering commuting costs and doing my own lawn and cooking more. On the negative, I may travel more, although my tastes are not expensive traveling with 5 people probably can add up.
So I seem pretty good financially, now the question is what do I want to do next and do I want to get paid for it. Any other thoughts on the financial side? I know I didn't give much detail but does the math add up based on the healine numbers? I'll give you one line from Mint, which is food--25k last year. I work in a big city and lunch probably costs on average $15 a day, so that is like $5k right there. Restaurants is probably another 3 or 4k so I think we're spending $1,300 or more a month on groceries. But I think the biggest cost right now is childcare because one of the kids is not yet in school. So this all seems pretty good, although maybe it is prudent to wait to change gears until after the next recession.