On Track?
New to FIRE and trying to sanity check whether my assumptions/math are reasonable or if I’m missing something obvious.
I’m 40, married (finances are split equally with partner 5 years younger), living in the NYC area. Current annual spending is roughly $72k/year on my side, including ~$2600/month for my portion of rent. Currently, making $186K annually. No mortgage currently.
Current individual net worth is about $1.265M:
- ~$598k in 401k
- ~$87k Roth IRA
- ~$450k taxable managed brokerage
- ~$32k TOD brokerage
- ~$55k HYSA
- ~$42k checking
Currently saving about $52k/year:
- maxing 401k
- maxing backdoor Roth
- remainder into mega backdoor Roth
From what I’ve been reading, my estimated FIRE number seems to be somewhere around:
- ~$1.8M using 4%
- maybe ~$2M-$2.2M if being more conservative due to retiring early and healthcare concerns
One thing that surprised me is learning that I may already be at Coast FIRE territory based on current investments + age.
Using rough assumptions (~7% growth and continuing current savings), it seems like I could potentially:
- hit lean/basic FIRE around 45-47
- hit more comfortable FIRE around 48-52
Does that seem realistic to folks here, or am I being overly optimistic?
One thing I’m still trying to mentally work through is healthcare and the idea of retiring “early” while potentially living another 40-50 years. I also don’t know if I’d ever fully stop working. Honestly, I could see myself doing something lower stress later in life, even something random like becoming a flight attendant just for benefits/travel/social interaction.
Curious how others here would evaluate my current position and whether my timeline assumptions sound reasonable.