How Much Money Do ＂Barney and Betty＂ Need to Retire ASAP？

#retirementplanning #personalfinance #RetirementSpitball Schedule a free assessment with an experienced financial professional: http://bit.ly/PureAssessment Office locations: https://bit.ly/PureLocations Ask Joe & Big Al On Air: https://bit.ly/AskJoeAndBigAl Subscribe to our YouTube channel: http://bit.ly/YMYW-YT Subscribe to the Your Money, Your Wealth® podcast: https://lnk.to/ymyw Partial question: Hi Andi, Big Al, and Joe, This is Barney & Betty in NE New Jersey. I’m a big fan of your show and greatly appreciate the combination of sound financial information and humor. Personally, I don’t think Joe is sarcastic enough. He should really lay into this letter…I can take it. I’m 56 and my wife is 57. I recently switched to part time work. I’d like a spitball on the earliest I can fully retire. We have about $3M in pretax 403b accounts, $450K in pretax 457b accounts, $150K in Roth IRAs, $1.2M in taxable brokerage accounts, and $13K in an HSA. We have $1.3M in home equity. I make $315K/year. My wife works full time and makes $250K/year. I contribute about $30K/year into pretax 403b, $22,500/year into a pretax 457b, and $8K/year into a backdoor Roth. My employer contributes $40K/year into my 403b. Total $100,500/year. My wife contributes about $30K/year into her 403b, $8K/year to backdoor Roth, and $8K/year to an HSA. Her employer contributes $23K/year to the 403b. Total $69K/year. My 3 kids will all be off to college in 5 years, completely funded in 529 accounts. In 5 years, we will sell our house, buy a smaller house or condo, and net about $300K in profit. My portion of the household expenses is $22K/month. This will decrease to $17K/mo when we downsize and have an empty nest. I currently draw $60K/year out of my brokerage accounts to cover the difference between my income and expenses, which will eventually be covered by the $300K profit from the sale of the house. My wife will work to age 67. Our combined social security will 100% replace her income. I like Kentucky bourbon with a large round ice cube, and my wife likes New Zealand Sauvignon Blanc. I drive a 2021 Honda CRV, and my wife drives a 2024 Hyundai Telluride. We have no pets. Do you agree with maximizing my contributions to my retirement accounts even though this means taking some money out of my brokerage accounts? I would like to retire AS SOON AS POSSIBLE and have several hobbies to occupy my time. My wife loves her job so she is fine with working until 67-70 while I enjoy myself. What total do the retirement savings need to reach for me to retire? At what age do you switch from 3% to 4% in terms of safe yearly withdrawal rate from retirement savings? Or should I just use 3.5%? Thanks for your spitball analysis. 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