[USER]

I have come to a fork in the road and need everyone’s thoughts. I am debating about Coast FIRE vs FIRE.
I am 42 and have 800k in investments.

I can simply let that grow without contributing much more(10k per year)and I calculate I will have around 3 million in 20 years.

I anticipate paying off the house before then. We are otherwise debt free and have an additional 500k in CDS as well.

My wife will also get a 60k annual pension and we will both get social security(hopefully in some form).

Me and the wife make about 300k plus per year combined. We have been pretty frugal our whole life and we can simply start spending more of our annual salaries on fun.

On the other hand I have been maxing out our SOLO 401k with 40k-60k per year. I can continue to do this and cut the retirement age number down some.

I calculate I can knock off 5 years.

This would require living pretty much the same life we are currently doing now. My wife will only get a 35k pension if we retire 5 years earlier.

I feel like I I have been going 100 miles an hour for the last 20 years as I have my own business. It has been stressful and I feel like time is just flying.

I would like to take more time off. I also have 2 kids, 4 and 2 years old and considering another.

What would you do? Continue going all out to retire 5 years sooner or slowing down to enjoy the roses even though this will require working longer(at least 5 years)?

[לאה]

Honestly, with young kids and the desire to slow down, Coast FIRE sounds like the better quality-of-life choice.

[Ellen]

Personally, I’d slow down. But then I did everything backwards – I took a lower paying job while my kids were growing up so I would have more time with them.

I couldn’t save much until they were gone, but then I got a much higher paying job and continued to live frugally to fund my retirement.

[Christina]

Man, imagine being smart enough to amass all that wealth and then not be able to make that decision on your own.

I’m with the rest, slow down and count your blessings! You’re in a MUCH better position than most.

Enjoy it!

[Mikkel]

With those numbers it seems like you are a lot closer to FIRE than you think, you might even already be at lean FIRE.

Anyway, my plan is to drop to part time work when I hit lean FIRE and see what it’s like while coasting the rest of the way, seems like you are contemplating something like that

[Gary]

What kind of business? I sold mine last year and using that to diversify.

Find a business broker near you that knows your industry and can show you deals they have done in your industry.

They will help you sell your biz before you slow down.

[Franke]

I think you’re giving two extremes. Is there a scenario where you dial back some? Maybe shifting that 50-60k savings rate to 30-40k for a couple years and decide your next steps from there?

I’m also just a fan of taking things in phases, free up time and see what you do with it and how you enjoy it.

You don’t have to stop completely. 60 hr weeks become 40 hr weeks, etc.

Good luck, hope it helps!

[Jason]

your wife’s pension will do the heavy lifting. when can she draw it?
I look at your numbers and think you could retire by 50 if her pension can pay out by then

[Keith]

500k in cds at your age seems like alot with rates not great? Maybe invest some of that in S&P 500 funds to help get there faster too.

I am also enjoying some vacations while working too and will cut down to part time in a few years.

I think having guaranteed pension is a big plus and its almost double if you wait.

Might be worth waiting but still take time to enjoy life in the meantime!!

[Aaron]

Similar scenario here. 43, house paid off with $700k in investments.
Wife and I decided that I would work till 55 then she can work till 65.

We both get breaks before retirement.

[Hallford]

Slow down
These early years with the kids. The very best years of your entire life

[Tara]

There’s a theme here if you look at the comments. I agree with the comments. For context 2 years ago a close friend went to bed and never woke up (he was healthy), last week my friends daughter had an aneurysm out of nowhere- gone- 27 years young.

This is a reminder to you and to me that nothing is guaranteed and you’ve reached a point it seems you can slow down.

Enjoy the journey!!

[Cheryl]

You will NEVER regret slowing down to watch your 2 and 4 year old grow. 100 miles an hour will eventually show up in health issues or utter and complete burnout.

Take the leap!

[Josh]

Money isn’t everything. Spend time with your children. You are doing fine with your current assets and investments.

[Joon]

Of those options, definitely slow down. Even from a family life perspective these are the years you want to be less stressed and have more fun, not the years between 15 and 20 years from now.

The impact on numbers isn’t huge, and will all work out.

Slow it down and enjoy the freedoms you’ve earned.

[Rio]

You’ve answered your own question. You have children and no one is guaranteed tomorrow.

Time with them now is worth more than continuing to go 100 mph/ 24/7

Breathe, y’all are doing well

[Doyle]

It’s really a roll of the dice. We both worked many hours, each with our own business and didn’t have kids. The joke at our place was “I carried her picture in my wallet to help with identification if we bumped into each other.”

We reached our number, pulled the plug and then my wife was diagnosed with cancer 30 days before we retired.

That was 6 years ago and she is just now starting to be herself again after the surgery, radiation and side effects from the chemo.

We live on a 40 acre piece out in the woods and I go to town once a week for groceries.

The best part of grocery day is watching the kids discovering the world while “helping” shop.

Your turn. Are you going to roll again or enjoy the pile of chips you have with your family?

[Colin]

Slow down. Enjoy life now. No brainer. Keep plugging away at retirement, but prioritize your health and fulfillment.

Live while you’re alive.

[Joe]

Hire someone to help in the business hasn’t been mentioned yet. Va or local, hive off the work that you don’t want to do.

[Author]

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