How far away?
I’m 50, my wife is 48. Two kids in college, that were helping pay for. I’ve worked at one company my whole working life, 30 years, and want to transition to working part time as soon as possible. In my mind that’s as soon as the kids are out of school and I’m over 55 so I can access my 401k funds. I’d like to work part time for a long time, something to do and a little income.
Key data points.
I make about $225k, wife makes about $50k. She plans to stay working where she’s at for 10-15 years.
We have $1.5m in 401k, $100k in a Roth.
We own 2 rental homes that generate about $2200 a month in income.
We have a mortgage on primary residence with a balance around $400k at 2% interest rate.
We will have a total of about $60k in student loans when kids are done.
No car payments
Major expenses
Mortgage $1200/mo
Utilities $500/mo
Property taxes $10k a year
Club membership $4500/yr
At some point in the future, there will be an inheritance. Hopefully, 20 years or so in the future, God willing. Current value of that fund is $2m and continues to grow with the market.
What are the chances I can semi retire in about 5 years?