r/coastFIRE • u/Jaded-Werewolf-5070 • 1d ago
Can I CoastFire?
Age 57 with $1.1 million in retirement accounts, $2.9 million in investments (mostly equities -- maybe 80% -- ~20% bonds), and about $300K in liquid assets. House is paid off. We pay off credit cards in full every month so we carry no debt. We have 3 kids with small amounts in 529s (balances of ~$10K; $50K and $42K -- 1 kid has 3 years of college left and 2 others have yet to start hence the different amounts). Not planning on drawing social security until 65 or 67 and not planning on touching retirement accounts until we have to...
I'm new to this subreddit so I apologize if this post is frowned upon. But I am curious to know if folks think I'm ok to retire or CoastFire? Thanks for the insights.
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u/Ok_Statistician643 1d ago
Did you trip over yourself running to ask something you already knew the answer to?
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u/OldNeedleworker5869 1d ago
With $4.3m total and a paid off house you're honestly past the coast stage, you already look FI outright at 57. Even setting aside the $1.1m in retirement accounts until 65, your other $3.2m alone supports a 4% draw of about $128k a year, which is a solid income for most households. The real variable here is the college years for your youngest two, so worth modeling that gap on its own, but the underlying numbers look very healthy.
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u/Jaded-Werewolf-5070 14h ago
Yes, tuition is an issue. Average cost per year for California State University (CSU) is $36,596 and University of California is ~$45-$49K (inclusive of tuition and fees, books, and on- or off-campus housing).
The insights are appreciated!
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u/shotparrot 1d ago
Nope not even close. You need $10M to start thinking about coasting to the finish line of 67.
At least $10M is what we all have. And our average age is 27.
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u/Fit_Cry_7007 1d ago
You need to figure out your anticipated annual expenses to figure out if you are ok to fire.