47M in India — Am I actually close to FIRE, or am I underestimating the risks?
I’m 47M, my spouse is 42, and we have a child who has just started the first semester of a BTech in Computer Science.
I’m trying to assess how close I really am to financial independence. I would particularly appreciate feedback from people who have already FIRE’d or are genuinely close to it.
Current financial position
- PF: ₹90 lakh
- Gratuity: ₹10 lakh
- Direct equity: ₹1.3 crore
- Small plot of land in a good location: ~₹40 lakh
- Gold jewellery: ~₹20–25 lakh
- Rental income: ₹22,000/month
- Own our house in a Tier-2 city
- No loans or EMIs
So, excluding our primary residence, I have roughly ₹2.9–3.0 crore in financial/other assets, although a significant portion isn't necessarily something I would want to count as immediately investable FIRE corpus.
Monthly expenses
Our current household expenditure is around ₹1 lakh/month.
This includes groceries, utilities, communication, regular household expenses, etc., as well as ₹10,000/month pocket money for my son.
My mother lives with us and receives a pension of approximately ₹33,000/month. That money is untouched and kept separately for her future healthcare/emergency needs, so I don't consider it part of my FIRE calculations.
We don't have an outstanding home or car loan.
Income and son's education
My current take-home salary is approximately ₹1.6 lakh/month, excluding a quarterly bonus averaging around ₹50,000.
I currently have approximately ₹30,000/month going toward VPF.
My son's BTech education and hostel will cost approximately ₹4.5 lakh/year. The first semester has already been paid, so I need to fund roughly the remaining 3.5 years.
My intention is to fund this from my salary rather than touching my investments.
Healthcare
I currently have corporate health insurance with fairly high hospitalization coverage covering me, my spouse, my mother, my father-in-law and my son.
The premium is around ₹45,000/year.
If I leave my job/VRS, my intention is to continue equivalent coverage independently, which I estimate would cost around ₹65,000/year.
Why I'm thinking about FIRE now
The biggest reason I'm considering this seriously is AI and the direction of the IT industry.
I'm in IT, and I can already see parts of my work becoming increasingly automated. My dependency on my current job has been reducing, and honestly, I don't see myself wanting to remain in IT for more than another 6 months.
This isn't really a case of "I hate my job and want to quit tomorrow." It's more that I increasingly feel that I should have the financial freedom to walk away before the decision is made for me by the industry.
At the same time, I don't want to make an emotional decision and then discover that I retired too early.
What I'm trying to figure out
Given my age, expenses, assets, son's remaining education, healthcare requirements and rental income:
Am I actually in a position where I could leave IT within the next 6–12 months?
Or am I significantly underestimating the risks and should continue working for another 2–5 years?
A few specific things I'd really appreciate brutally honest opinions on:
- What would you consider my actual FIRE corpus? Would you count PF, gratuity, land and gold, or only liquid/investable assets?
- Is ₹1 lakh/month a realistic FIRE expense assumption for a family of three in a Tier-2 Indian city, or should I build in a much larger buffer?
- How would you account for the remaining 3.5 years of my son's education?
- How much should I realistically keep aside for healthcare/emergencies before considering myself FI?
- Given that I already have ₹22K/month rental income, how much does that change the FIRE math?
- Would you personally consider leaving a relatively well-paying IT job at 47 with this financial position?
- If you were in my position, what would your next 12 months look like?
I'm not looking for validation to quit. In fact, I'd prefer someone to point out the holes in my plan.
Please be brutally honest. Especially interested in hearing from people in India who have already FIRE'd or are within a year or two of doing so.
