Turning 40 and need a FIRE plan audit
Turning 40 next month and I’d appreciate any honest feedback, blind spots, or suggestions.
Household Snapshot
◆ Household income: ~$250k
◆ Me: ~$170k/ Wife: ~$80k
◆ Net worth: ~$1.62M
◆ Child: 1 child, age 3 (likely not having another)
◆ Debt: $325k mortgage, 14 years left on a 15 year loan
◆ Monthly spending: ~$10k all in
Net Worth Breakdown
◆ 401k / 403b: $1.1M
◆ Roth IRAs: $160k
◆ Brokerage: $137k
◆ Home equity: $200k
◆ HYSA cash: $35k
Goal
I’ve worked in sales for 17 years and I’m feeling pretty burnt out. I’d love to retire around 45, with 50 as the latest.
My wife is 6 years younger and is open to continuing to work after I retire. That would leave us with her ~$80k income plus health benefits.
Current Plan
We plan to save/invest around $100k per year for the next 5 years including employer matches and reinvested dividends. Seeing as we are retirement rich, the focus these next 5 years will be growing the brokerage.
The idea is for the brokerage to act as a bridge from my retirement date until age 60, supplementing my wife’s income until I can access retirement accounts penalty free.
We would like to keep spending around $10k/month, even after the mortgage is eventually paid off.
Questions
◆ Am I realistically on track for retirement around 45?
◆ Is 50 a much safer target?
◆ What number should I be targeting for the brokerage account? I don’t need this to last in perpetuity and can fully deplete it during the bridge years.
◆ What am I not accounting for?
Thanks in advance!