28 y/o $555K NW - retiring at 875k?
Hi y'all,
I'm 28 years old and over the past 7 years have accumulated $560k thanks to living at home until 25 (paid my dad $800 a month) and investing early.
I've been working for about 7 years, with modest income, and recently won a promotion making about $160k total comp. My spending is consistently less than $35k / year, which includes international travel, eating out 2x a week, paying rent in LCOL. The $560k is pretty much all in S&P 500.
The issue right now is that I just don't like my job as a PM. It takes a heavy toll on me mentally and emotionally, dealing with customers, organizational politics, and constant deadlines. Always getting the Sunday back to work dread, lost my gym routine and basically have no hobbies besides gaming due to the stress.
My current cope is that $35k (current annual spend) * 25x is around $875k, which would cover my living expenses according to the 4% rule. I do believe social security will probably always be a thing, so that might drop the figure down to ~$800k-ish.
Using the FIRE calculator it seems like I might be able to reach this number within the next 2 or 3 years - and this would be an option for me around age 31.
Obviously, retiring this young has some risk. Doesn't account for sequence of returns, healthcare, or children.
Part of me thinks continuing to grind in the corporate shredder until $1.5M is probably inevitable, but curious what others would do - if it is actually possible to quit at $875K with $35k living expenses in your late 20s.
My wife also has similar stats - so we're at a combined $1.1M today, but this is without children or a home purchase in the picture. Curious to hear from those who have FIRE'd in their 30s - and how viable this actually is.