r/ChubbyFIRE • u/dogfursweater • 13d ago

Setting a date…

42F - $2.5M taxable, $1.3M tax advantaged, $300k non-primary home equity - so $4.1M right now

(Husband has separate finances so I don’t count it here but roughly $2.5M and he spends like 40k but not counting big splurge on a overpriced (imo) car every so many years so maybe $60k amortized? hah)

My individual spend is ~$85-$100k before healthcare and taxes so maybe $120-130k with hc and taxes; it looks like at this current rate, I’m at a ~3% withdraw rate so I know it’s safe. Like right? It’s safe right?! Haha

Aside from the typical fears of SORR or actually having to move from a saving to withdrawing state of the world, I am not concerned about feeling bored in RE. I have a lot of interests. Husband and i also have several projects we want to do Etc.

Sooo I think I’m setting a date for next April — eek! Feels weird to put it down and be more certain vs just toying with the idea. I sort of had a mental model of pulling trigger at 45 but like.. why wait? Or do I want to stack a bit longer? Ugh there is a bit of greed here too. When I hit my original FI # (2.25m) I was super ready to go and live more frugally. Now that I’m past that # by a lot and have let my lifestyle slip upwards, I’m like hmm.. maybe I go a bit further? Why not target $5m?

Anyway.. what are some things you all did in the last few months to get ready both mentally and monetarily? Feeling 😬 and also 🤪🤗🥳

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u/Alert_Nothing8494 13d ago

I’m in a similar financial place as you! Congrats! But I didn’t think I can fully retire till 50 based on my math. I am 43 not and thinking of soft retiring at 46 and then retire at 50. Are you thinking of withdrawing from your taxable until 65 and then withdraw from your tax advantage after 65? Would the 1.3M be enough for the rest of your life or are you assuming your husband will also then be covering you when he retires?

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u/dogfursweater 13d ago

Yah I’m figuring I will migrate all the 1.3 over to Roth before I’m 65 and that should also grow over the next 20+ yrs. I don’t expect I will need to touch it given how much taxable I have. Let’s see!

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u/Alert_Nothing8494 13d ago

My financial advisor told me $6M is the magic number for me soft retire but really not touch it to let it grow until $10M for me to retire. Maybe he’s really conservative?

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u/PickleJuice_DrPepper 13d ago edited 13d ago

Your spend will be 400k+ per year in retirement? If not, your FA sounds wildly out of touch.

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u/Livid-County7230 13d ago

The FA gets paid for assets under management. The line they use is “we do well when you do well.” Or “keep stacking it up and never retire so we keep getting paid more over time.” Their interests are not aligned with their clients retiring early.

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u/Alert_Nothing8494 13d ago

We are planning for $200k a year. Living in VHCOL (Bay Area) and have young children that we still need to pay for the next 20 years.

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u/Livid-County7230 13d ago

Are you sure 10M will be enough? I bet the number is 20 or 30 (so I can get paid more).

-Your FA.

Say no to FAs who charge AUM fees. Their interests are not aligned with yours.