New to this coast fire concept….
I never really considered the idea of semi retirement early until I saw some YouTube videos on this concept. Now it has me questioning everything
I am a 39 year old CFP planner at a credit union managing around 150M of client money and making 350-400k a year now (income ramped up drastically the last 3 years). I got into saving/investment mid 30s unfortunately not earlier. I was not making this much money until recently and prior to my income shooting up my savings went towards buying my home.
I am currently aggressively saving catching up on unused RRSP and TFSA room. Currently have around 300k in RRSP/TFSA investments in fairly typical equity ETFs. I am currently saving around 100-120k a year now. I also have around 300k in a work DCPP pension. I figure I could work another 5 years in this job and at my current savings rate I should be somewhere in the 1.5M liquid asset range by age 45.
I own a home worth 700k and only owe 200k on my mortgage. Whenever my dad passes away he said he will be leaving me at least 200-300k thru his estate so I will pay off the mortgage completely at that point. My dad is getting older so that could be anytime in the next 5-10 yrs
I enjoy my job and the money is fantastic. But at the same time the thought of maybe working til 45 then getting a less stressful/part time job sounds so appealing. I love golf. I wish I could golf every day. The thought of just working at a golf course or a golf store sounds very relaxing. But it’s so hard to think about giving up a 400k/yr income.
The other wild card is my wife’s side of the family. Her parents are younger and quite wealthy. I’d imagine we will inherite at least 1-2M eventually from them but they are very private and that might not happen for another 20-25 years.
Is 1.5M at age 45 a decent goal? Would I be crazy to give up my career? I just want to pursue my love of golf more lol
Any advice?