I am a huge fan of GCC, been following his blogs for several yrs. Thank you for helping us out of this rat race!
I am 50, my spouse 47, both on full time jobs. kids: 18 & 12. State: VA
Retirement Accounts - 1500k (100% stocks, index funds. Our contribution + ER match = 60k/yr)
Brokerage Account - 300k (VTI, SPY)
My 457, deferred comp - 330K (on separation can begin distribution or can delay it to any future date,
can spread it: 5, 10 or 15 yrs. Historic rate of return: 7%)
529 - 100k (NV 529, SP500 index fund. Need 100k more to support kids thru college over next 10 years)
Home Equity: 300k
Cash: 75K
Total: 2600k
Loans:
Mortage bal: 320K @ 2% (just refinanced to 30 years)
Auto Loan: 20K @ 1.5% (5 years left)
No other debt.
Spouse, brings 100k annually, likes her job, can continue for at least 3 more years. But I would like to call it ASAP:)
Need:
72 - 84k per year
100k kids college expense; over 10 years)
Currently on my Health Insurance, can switch to spouse's, it's decent coverage with HSA ( I don't have HSA).
Questions:
1. Unable to decide if I should quit my high paying and very stable job or continue 4 more years, then use age 55 rule? I am not a huge fan of my job, should I quit and do a freelance IT job, Part time/Full Time for a few months in a year?
2. If we both quit within the next 3 years, what is the best way to pull 72 to 84k + 100k for kids college over next 10 years?
Thanks so much for the help.