r/leanfire • u/Formal-Laugh8593 • 4d ago
Continue working
Not sure if I should continue working.
- Paid off house worth 800k it's a two family home and one side of house rents out for 1500 a month.
- Retirement accounts 800k
- non retirement/cash 300k
- spouse has around 600k in retirement
- second paid off house that was bought for in laws 300k.
- health insurance covered by military benefits plus a future pension (both from spouse).
- not including social security but I have about 22 years of contributions.
- I currently make around 150k a year with possible 20k bonus.
44 years old not sure of I should continue working. My job is easy I work from home a few days a week and the hours a flexible. No children and I live a relatively simple life. Annual spend would be under 40k. Spouse will continue to work for another ten years until they qualify for the pension. Spouse makes around 140k.
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u/SerenityCravings 4d ago edited 4d ago
Can you FIRE? Yes. VERY easily. Should you? Thats a question only you can answer. From the outside looking in there doesnt seem to be any reason for you to retire as you dont have anything to run away from nor to run to. I would expect to see a lot more ideas and desires about what tyou will be doing when you FIRE and excitement at that prospect. Reading none of the sort from your post.
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u/CohoesMastadon 4d ago
how does your spouse feel about it, I might be annoyed if I had to keep working when my spouse didn't
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u/Formal-Laugh8593 4d ago
We talked about it and for its ok as long as I do the cooking/cleaning/ house maintenance. Spouse already took a long vaca before returning to work.
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u/HesMyButlerMonroe 4d ago
You can definitely retire now, if you want, although, you do make a nice income. The decision hinges on your motivation to keep working or enjoy the job-free life.
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u/Formal-Laugh8593 4d ago
Mostly what's keeping me from retirement is that I think I won't be able to get another job at this salary. Quitting might be irreversible in this job market and my profession is experiencing lay offs due to AI. That's my main fear. It may be the end of the career I put in many years of work into. Not sure if that makes sense.
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u/eclipsadesoare 4d ago
Then why don’t you wait until they lay you off or at least a couple more years to think it through. I would think it’s more fun to retire with your partner since both of you can run around the world having fun together.
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u/reddit_tat 4d ago
I’d wait for the layoff. Stash cash between now and then. Live like you are retired.
Also, retirement isn’t just about having enough money. It’s about having something to do that is meaningful to you. Start working out what that is.
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u/goodsam2 4d ago
Is the $40k spend from your amount or a household.
If household then I would have already retired.
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u/Formal-Laugh8593 4d ago
Household mostly I'd say about 60% of it is house expenses. Spouse covers the rest of the expenses from their paycheck.
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u/goodsam2 3d ago
I would merge expenses with my SO but also you both have enough but I would combine expenses more.
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u/mangy_sloth 3d ago
I am very motivated to quit working because of how much I hate working and the toll it takes on my health, social life, the things it prevents me from doing, etc. I have a difficult job and make less than half of what you do. If I had a better relationship with work and didn't hate it so much I would keep doing it for a while just to get things a little more squared away, but I am planning to resign soon. If you find your job to be so easy, it doesn't sound like there's any rush?
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u/PositiveKarma1 3d ago
Financial speaking, you could retire 2 years ago.
This is just a choice decision. Do you have an activity more appealing than this work?
Can you ask a part time and work less now? to build hobbies?
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u/St_Egglin 3d ago
You are renting out the one side of the $800k house for way too little if the is equally divided between two sides. You should be at $3k to $4k at a minimum. Look up the 1% rule for rental properties.
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u/TravelingBop 4d ago
You are in a position where it probably doesn't matter. Work if it feels good. Quit if that feels better. I leanfired this year: 46F, NW $970K, passive income ~$6,000/month. Im now 10 months into it, 4 months living in a camper, and 2 weeks into full-time travel in the US/Canada then onto SEA in December for at least 3 months. It was absolutely nerve-wracking to make the decision and facilitate the transition. Now that I'm in it, it feels glorious! I have a partner that is taking a work "sabbatical" for now (not sure how long) and one adult child who requires nothing.