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Decided to payoff my mortgage.
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We don’t have enough savings to go single income, but it’s an aspiration for the future. Our hypotheses is… whoever reaches senior leadership at a stable company with +350k continues working while the other slowly ramps down career. Hopefully we are on “coast fire” mode around then also.
Yea why work hard and get recognized if that means more work for longer
My wife did. Her savings are untouched, set aside for retirement
That’s our plan. We are coasting to retirement right now and building up enough savings for me to have the option to quit or just never join the workforce if laid off. Looking at 5-6 more years to get there. Hoping it’ll be sooner if we can save more (cut expenses, increase income somehow).
At my current age, I technically have 30 more years to work until retirement age. I broke up savings into 2 phases of life (retirement and pre-retirement). My spouse and I have $1m in our retirement accounts. This will grow into multiple millions by the time the official retirement age hits. We’re not pulling from these accounts in the next 30 years. I consider ourselves coasting to retirement because we’d have a considerably amount during retirement even if we never put more money into our retirement accounts.
For pre-retirement savings, we’re building a brokerage account that generates the same amount my yearly income would. Once we hit that number, I’m completely fine reducing my work hours, quitting, or getting laid off. My spouse will continue working. He enjoys his job but we won’t have any financial security concerns because we’re not actually depending on W2 income at that point.
Currently, we pay everything with my spouse’s income. My income is higher so we’re being conservative if my spouse gets laid off. Also, we have diversified and have rental income. I don’t count that in my calculations as we couldn’t live off it but in case the stock market tanks during retirement, we’d have $2m in real estate to sell off.
Btw, I don’t have a FIRE number or retirement number. I think I need $2m for pre-retirement savings and $2m in retirement savings to live a basic life. Anything more than that is gravy on top! I’m not sure what kind of lifestyle I want in the future. I just know that being a working parent is really tough and I have a 5 year plan to stop feeling the stress. I’m crossing off the months on a sticky until I’m financially free 🤣
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Now this is (maybe) a good form of Coast FIRE.
Just keep in mind the longer you wait to have children, the harder it is to get pregnant.
Me! I’m not working past 40-42. It still feels so far (less than 10 years). Husband will get a pension around then and will get another job and I will be the stay at home mom. Can’t wait!!