Re-posting here from another sub, sorry if that's wrong?
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I'm looking to retire early. Currently 45yo with about 700k in 401k which I feel will be enough once I hit 60 even if I stop contributing now (assuming 10% return and the economy doesn't crash).
My income after taxes, maxing 401k/hsa, etc. is about 8k/month. The only debts I have are a mortgage at 2k/month with 2% interest rate. After other monthlies, I'm trying to save about 4k/month. Currently putting most of that into a brokerage account with SCHG being the majority asset along with some other ETFs and select stocks (like RDDT :D).
First world problems I know, but I'm having some mental health issues after getting out of a 20year relationship and my kid hates me, etc. Although my job's great, it's no longer fun, so I wouldn't mind quitting and doing as little as possible in the way of a "job". Maybe some freelance IT stuff if I had to.
I'm looking to buy some land in western MT/North ID and build a small home. Not looking to homestead but wouldn't mind being off grid (just need good internet and Starlink isn't bad from what I've read). After some rough calculations, I'm planning on needing 300k for purchasing ~10acres and construction of a 1200sf home. After that, I was thinking approx. 500k in an investment account would be enough to support myself on passive income, with a combo of stocks, bonds, money market, etc. This may be high? I'm planning to have $0 monthly payment obligations outside of utilities, incidentals, etc. so maybe 2k/month? Assuming 10% returns, 250k might be enough?
I'm hoping to get some cash out of selling my home when I'm ready to pull the trigger. Right now that would be around 200k but the market around is here crazy so that could be +-100k.
Am I crazy thinking I can do this and retire by 50, preferably by 47???
Any/all advice welcome.
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