Early career physician on FIRE track- Input needed

[FI5]

Hello all,

I am a 37 yo physician who after years of schooling and training started practicing 6 years ago. Recently learned about FIRE/MMM and got addicted to it. Our goal is to be FI in next 5-7 years and then may be continue working part-time with some volunteer work. Here is our summary:

Me 37, wife 35. No kids yet but hoping to have 1-2 in next 2-3 years. If not biological planning to adopt. Wife currently in school full time for graduate degree which is finishing soon. Our numbers are as follows:

Currently invested assets:
Taxable: $716 K
IRA: $228 K
Total $944 K in Vanguard index funds all stock and broadly diversified.

Cash: $130 K
Home equity: $50K
Cars residual value: $10K

Total liquid assets: $1075K

My annual salary without bonus is $350K may be another $25K in bonus. Once wife graduates she may be getting a job too which will be around $50-60K but I am not counting that in FIRE calculation.  Out of my salary, I can defer $37K per year in taxable retirement accounts. My monthly after tax income is roughly $16K and our monthly expenses are approx $6K, so  will be saving roughly $120K in taxable and $37K per year in non-taxable. So a total of $157 K per year will be getting invested in index funds. I will take another $56K from cash savings and then put it in non-taxable increasing the total current invested assets to $1M. With kids coming in, I am estimating our monthly expenses to be around $8K with lot of discretionary spending. This gives me annual spend of $96K and a comfortable FIRE number of $2.4 M. My question is with my current investment rate of $157 K/ annual and previously invested assets of $1M, how much longer it will take me to reach $2.4 M assuming all stock portfolio in low cost index funds and investing biweekly, can I achieve my FIRE number in next 5-7 years? I still plan to work after that but only part-time. Many thanks in advance

[Chrissy]

My question is with my current investment rate of $157 K/ annual and previously invested assets of $1M, how much longer it will take me to reach $2.4 M assuming all stock portfolio in low cost index funds and investing biweekly, can I achieve my FIRE number in next 5-7 years?

Yes.

[Abe]

Maximum 9 years if you put all remaining investments in bonds to protect against market risks (1400/157=8.9 years). If you did 60/40 stocks / bonds, which is also safe, probably 5-7 years. I would increase your projected expenses for 2 children to 3k/month if they’re going to go to daycare, though.

Are you in a small group? If so, see if you can get the bonus contributed as an employers’ contribution. If you are in a state/university job or large group your probably can’t but it’s worth asking. We are in the latter, and tried to do that for both of our salaries but they said no due to federal regulations.

[FI5]

Thanks for the input. I appreciate it. I am planning to invest in all stock portfolio broadly, in Vanguard index funds, 75% US and 25% international but will keep an year's worth of expenses in cash which will be around $75K. I work for a state affiliated institution so bonus as employer contribution will likely won't be possible, however, bonus might go up significantly depending upon how busy I am but base is guaranteed.

[schmerna]

It looks like you are taking advantage of the 403b and 457 accounts (37K).  Are you contributing to a Roth IRA for you and your spouse (11K)?  You can rollover the IRA into the 403b account, and make backdoor Roth IRA contributions starting in 2018.  State 403b plans usually have really low fee options to make this feasible.