[USER]

Will my plan work?
2 years from FIRE but we’re burned out. 41 and 48

We have $750k in IRA, Roth, brokerage.

Monthly pension is $3900
Rental income is $1500

Mortgage 108k. Plan to be paid off in 4 years. (No other debt)

Monthly expenses are $5400 (not including the extra $1500/mo towards principal)

Considering moving abroad (Europe) part time for several reasons but mainly the slower life style and lower cost of living.

If we FIRE now and stop working and move abroad part time, can we stop investing into our investments?

We’d be back in the states for probably half of the year.

We would really try hard not to pull out any money from the market for a while.

Will eventually probably take out about $2200/mo once our investments have grown to our number for travel, ACA, etc.

By cutting off these last 2 years are we hurting ourselves in the long run?

[Nick]

You need more of a cushion. Go 5 more years, get to $2M invested.

[Liz]

It does not look like this would be a good idea as there is not a whole lot of cushion. Perhaps you can find some middle ground and work somewhere else.

[Maggie]

That’s not enough… Europe isn’t that cheap unless you’re thinking Eastern Europe….? Even then I’d aggressively save for a few more years.

[Josh]

To be honest, probably not. If you lower your monthly expenses and rent your primary residence you have now too then maybe.

I don’t know where you’re planning on living in Europe but half the countries cost just as much and the other half are cheaper and maybe you can make it work in those.

Your expenses are just as much as your income right now so that’s a major problem.

[Gemma]

Speaking as a european expat, “Europe” is a pretty big place with varying cost of living and some pretty expensive places, just like the US.

I assume you have already figured visa/immigration requirements into your part time status since its only 90 days in the schengen without a visa.

They might start to question you going back and foth after that.

Dual taxation consequences would be worth researching too for both the US and the country you will be residing in.

Without more info, it sounds like moving to somewhere in the US with lower cost if living might be less complicated.

I’m not saying dont do it.

I’m saying make sure you are aware of the beurocrcy of doing it and make a educated decision.

[Jaime]

I’d look at getting a lower stress fully remote job that would allow you to work from Europe.

A US salary will go far there, particularly in some of the Mediterranean counteies,as long as you aren’t in pricier cities like Barcelona or Rome.

[Author]

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