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I’m going to go part time in a few months. A 50% income decrease, and I provide our health insurance and which is more expensive for part time employees than full time at my job, so my take home pay will be affected that much more.
My husband will continue to work, but his income is less than half of mine and variable.
We’re definitely going to be testing whether we can live off of what I think we can during retirement.
My goal is to work part time 3-5 years then fully retire. At that point our mortgage will be paid off and our youngest will be a year or more post college.
I’m 51, so health insurance is my biggest stressor before retiring completely.
My husband is a couple of years younger and will most likely continue working in some capacity for at least another 10 years as he is self employed and really loves what he does
Friday was my first paycheck in years that I hadn’t maxed my 401(k) out of, I’m going to be padding our savings and taxable investment accounts, as well as take care of a few home improvements we’d like to do with that extra $.
The current value of our investments (not savings) is a little over $1.4 mil with the large majority being in my 401(k), mainly traditional, but partially Roth.
We don’t live in a hcol area.
I feel incredibly fortunate that my employer was open to my request to scale back my hours.
I’ve worked for the same company for my entire career and I think they see the benefit in being able to hire a new employee and have significant overlap with me before I retire for good.
I don’t really have a question, I’m just kind of freaking out. Lol. It’s really difficult to wrap my mind around NOT maxing out my retirement accounts.
I also really wish I’d saved for early retirement differently, I’ll most likely have to withdraw from my 401(k) account with penalties for a couple of years, it’s not the end of the world, but I wish I’d done it differently.
Had I stumbled upon the FIRE concept earlier, I’m sure I would have.