Seeking Thoughts on My FIRE Plan at 560K USD Income

My spouse and I mid 30s live in Los Angeles and are working towards early retirement. We're looking for some input on our plan to see if we're on the right track.

Current Financial Situation

• Combined Income: 560K USD (320K from me, 240K from my spouse)
• Savings: ~1.2M USD invested in S&P 500 ETFs
• Annual Expenses: Estimated ~165K USD w/ 2 kids but only 1 born right now(includes housing, childcare, and discretionary spending)
• Savings Rate: ~60% of take-home income (after ~10% effective tax)
• Investment Strategy: Continuing to invest savings into S&P 500 ETFs

FIRE Goals

• FIRE: 4.7M USD (3.5% withdrawal rate)
• Chubby FIRE: 5.9M USD (to allow for more comfort and travel)
• Projected to hit FIRE by 2034 and Chubby FIRE by 2036 if we both keep working and investing as planned.

Future Considerations

• We plan to have two kids. One is a infant right now.
• If one of us stops working (e.g., if my spouse stops working and we drop to 320K USD income), Lean FIRE would take until 2041 and Chubby FIRE may not be achievable.
• We're wondering if we're being too aggressive or if our assumptions are realistic given market conditions.

Questions for the Community

1. Does this FIRE plan seem solid given our numbers?
2. Would you adjust anything (e.g., higher savings, different asset allocation)?
3. If you were in our position, would you coast FIRE (one partner stops working) or push hard for full FIRE together?
4. Any blind spots we should consider, especially with kids and LA's cost of living?

submitted by /u/JapanTech1
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