Throwaway because I don't want to discuss thoughts of early retirement with people in my life yet. I'm trying to decide if my budget and NW are reasonable for pulling the trigger, or how much more I should go for to do this safely, and would appreciate any thoughts you guys might have.

    I am single (45M), own a mortgage-free co-op (value ~$1M) in midtown which keeps my housing costs down to just the maintenance of ~$1700 (which includes gas and water but not elec), and I have $1.3M in equity. I am considering a 4% SWR, which I know by itself can be a little risky for an early retirement, but am expecting SS to kick in in 25 years to pick up a lot of the load, which reduces the risk profile considerably. I enjoy cooking, and will be cooking nearly all of my meals. I want to be able to cover my basic needs from this, and then once I am free from the grind start picking up some more enjoyable side hustles to pad out my entertainment budget, but not have to rely on those to live on.

    My monthly budget outlines as follows (please point out if there's anything I'm neglecting to consider):

    • Housing (maintenance, utilities, cell phone, internet, repairs): 2100

    • Groceries: 500

    • Non-food items (toiletries, cleaning, clothing replacement, laundry): 150

    • Health (450 subsidized insurance, +100 deductibles, +75 contact lens): 625

    • Capital gains tax (including state taxes): 425

    • Entertainment: 400

    Total: 4200

    With My portfolio, 4% SWR puts me at $4333/mo, so this seems like I should be good to go right? But somehow I'm just scared to do it.

    FIRE in Manhattan
    byu/Fire_Throwaway80 infinancialindependence



    Posted by Fire_Throwaway80

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