Need thoughts on my case please:
Married, 44/46.
kid #1: age 20 - mild disabled. stays at home, does part time community college with help. gets SSI ~700 a month
kid #2: age 14: moderately disabled, goes to special school in district. should go there until he is 21 per the law. he would probably get SSI too starting when he is 18.
Live in NJ, HCOL area. but good schools
Work:
hectic, but flexible to do from home.
salary ~120K
max contribution to 401K - 18.5K.
Assets:
~1.1 M in taxable accounts
~275K in various IRAs
~40K in 401K
~250K home equity on 400K home
monthly expenses:
mortgage: 1600
prop tax: 800
utilities: 300
grocery etc.: 500
auto: 100
condo fee: 200
college: 300
misc: 300
Total: 4000+
My main concern is health insurance. I know kid would get medicaid with SSI too, but we both also have pre existing conditions. so need some insurance.
I am willing to work part time for insurance if needed.
Reason to FIRE is to stop doing hectic schedules, take it lighter/ travel more, move out of cold winters / high costs of east coast.
Any thoughts welcome!