Hit Coast Fire & Job Loss
I’m fairly confident that my partner (44) and I (42) are coast fire, but it’s a bit hard to celebrate as I’m facing a separation from my $200k+ salaried job. I’ve only been at this level for 2 years and felt like we already were living it up in my prior less stressful $150k job. My partner’s current salary is $100k plus large commission that can bring in an additional $50-100k per year. We have a 7 year old and a dog. I’m super dedicated to my career and although there’s severance and potential for consulting this layoff is hitting me hard. Are we really coast fire? Can I relax a little bit?
$1.1m network
$535k combo 401k, IRAs, Brokerage
$30k 529 plan for 7 year old
$50k hysa
10k checking
$30k value of 3 paid off cars (1 is a hobby car)
445k equity in $685k valued home
My partner has no plan to leave his situation and if anything will likely make more. They will also still contribute to their 401k to at least get 6% match. I’d like to relax a bit and sort out what it is I want to do next. Still, the overly responsible part of me is really stressed about this big change. We live in a medium cost of living area and our mortgage including taxes and HELOC is around $2700 per month.
Edit: We can live fairly comfortably off of my partners salary. We have no debt other than Mortgage and HELOC. We do not plan to draw on our investments until we hit retirement age. Idea is that our investments can grow (coast) so that we have a comfortable retirement and enough to draw 4%. I will have 6 months severance.