Retiring in 5 years at 46 - estimated $6mm investments
Current HH income is 450k a year, but we feel stressed by the grind and want to retire in 5 years and spend more time with kids when they are still young, we don’t know many people at work who retire this early and wanted a sanity check if we’re being too optimistic about our finances. Do we have enough in 5 years or are we too optimistic here?
Currently: 41 married with 2 kids (4 and 7) -529 is done funded at 400k. House paid off no mortgage worth 1mm. We live in a MCOL suburb and spend about 100k a year. Budgeting around 220k a year in retirement (including health insurance, and converting 220k a year to Roth- estimating tax to be 50k)
Based on average returns and continued investments into these accounts, I’m expecting in 5 years to get to -
Total investments and cash: 6.5mm
401k: 2.6mm
Brokerage: 3mm
Roth: 600k
Cash: 400k