Sanity Check: 24 w/Windfall
Hi all, below is my financial and personal profile. Wanted to get thoughts on whether I can reasonably coast as someone who's never been the most financially savvy. Thank you to anyone who spends their time reading this!
Profile
- Personal: 24, single, living in Washington DC and working as a Software Engineer
- Household income: 155k/yr pre-tax
- Structured Settlement: 1k/mo and 11k/yr tax-free, as well as a one-time 50k lump sum when I turn 25 and a 150k lump sum when I turn 30. Prefer not to get into specifics of how I got the windfall as it's a little traumatic for me 😿
- Consumer Debt: None
- Housing: 3k/mo renting in Washington DC. Definitely paying too much but my living situation has been turbulent with me trying to transfer locations to San Francisco for work. I don't expect to stay on the East coast long-term.
- Discretionary Budget: 1k/mo
- Savings Rate: Maxing 401k, HSA, Roth IRA, and putting 2.8k/mo in taxable brokerage. Altogether ~64k/yr closer to ~70k/yr with employer 401k match.
- Current Retirement Portfolio
- Brokerage: 800k
- 401k #1: 78k
- 401k #2: 12k
- Roth IRA: 71k
- HSA: 9k
- Total Investments: ~970k, 100% in VOO and other large cap ETFs
- Checking: 10k
- Savings: 23k
- Planned retirement spending budget: Very roughly 100k/yr, flexible
- Target FIRE number: 3.3MM @ a 3% SWR (could wiggle up to 3.5%+, not sure)
- Target Time horizon: Flexible, but tentatively 40-45?
Do I have enough of a financial windfall/cushion that I can leavetech, moving back home to the West coast, and simply coastFIRE to retirement? I feel like my tax-free structured settlement windfall is a unique component to this that would help out a lot.
Happy to answer any clarifying questions about my situation too as obviously it's highly unusual. I've been enjoying my time on the East coast but being away from friends/family coupled with disillusionment with being in tech has me dreaming of coasting. If coastFIRE isn't realistic I'm more than happy staying the course. Again, thank you for your time!