Sense Check - FIRE at 50
Throw away account for obvious reasons.
Plan to FIRE at 50, needing a bit of a sense check to make sure this is achievable.
Am currently 39, feeling like I need an end game goal to my/my husband’s career. Starting at the ‘almost’ bottom.
Emergency fund = £10,500. Cash element of S&S ISA, currently 3.80% interest var
S&S ISA = £11,400. Contributing £30 per day/£913 per month. Global index. If I have enough cash I will top up to 20k ISA allowance per year.
Workplace Pension = £16,268. Contributing £792 per month (inc employer cont). Likely to gain £10,000 bonus next April, via sal sac with 14% NI saving uplift.
Recently promoted and went full time to £49,000 salary, likely to get a £2k boost by end of year. Also receive £420 DLA for my daughter for the next 3 years. I plan to stay under the high rate tax by sal sac if I have any further pay rises.
My outgoings are £1,000 - £1,500 per month, for food and household items/clothes etc. Plus £40 in phone/life insurance. £200 per month into separate savings for family holidays.
Husband’s finances are a bit further along. 40 years old. Salary £120,000, sal sacs into pension down to £98,000 (an old medical benefit keeps popping up as a benefit, so he keeps it a couple k under to compensate so HMRC don’t change tax code).
Emergency Fund: £11,500. In a current account with 2.10% interest.
S&S ISA: current have £72k. Contributing £1666 per month
Pension: Various funds, currently £192k, contributing £28k per year.
Outgoings:
Average Monthly spend before bills: £1,600
Mortgage £114,000 remaining, fixed 2.09% until 06/29. 10y 9m remaining, £994 pm payment.
Household bills: £486 car finance for family car, £314 council tax, £28 internet, £183 energy, £10 phone.
Subscriptions: we recently trimmed these down, to £22 Spotify, £2.99 Apple cloud space, £10.99 Xbox pass.
Thanks in advance everyone!