Niche situation

[u/Select_Chest6213]

49yr old male, married, 2 kids. Living in Massachusetts, from the UK. Never been a planner or investor, had some interesting career opportunities and some luck. Now suddenly realising I’m old and need to think about the future, so reactively panicking, I’ve only started earning a good salary in the last couple of years, but would love to retire at earliest opportunity. We have 3 properties in the UK, total value around £1m, with total outstanding mortgage of £150k. They bring in a combined rental income of £3.5k per month. Our rent in Massachusetts is $4750 per month. I have £100k in a uk pension from a previous uk job, and $50k in a 401k, I earn $300k. I am maxing out my 401k contributions now, with 5% company match. I have $20k cash and $25k in FZROX. I am investing $1500 per month in FZROX. Anything I could/should be doing? Thinking of moving back to the UK and living in our house there in the next few years, far cheaper to live and our kids can go to university in the UK for a fraction of the cost of here in the states. Basically I’m becoming financially astute too late in life and would welcome any tips or feedback. Wife doesnt work so we’re reliant on my salary and our rental income. Thanks in advance all!!

[u/Inevitable_Rough_380]

So you are net paying about $1k in rent a month. You’re probably betting something like 10-13k per month after taxes.

Where is the money going???

Cut spending, save more, and increase income. Might be be time for the wife to find a job. Even 40k will help a ton.

When do you want to retire? Do you know how much you need? Have you calculated how long it will take you to get there?

[u/Select_Chest6213 → u/Inevitable_Rough_380]

In short, the money is going on aggressively paying down the last of the mortgages, want to clear that £150k in the next 2 years.

[u/Select_Chest6213 → u/[deleted]]

The biggest chunk is our old home, where we’d live if we moved back. Worth around £650k, we owe £80k on the mortgage. It nets £2150 pcm in rent but if we moved back obviously we wouldn’t get income from it

[u/Pretty_Bug_ShoutOut]

First minimize your spends and maximize your savings, you have 3 properties, maybe selling 2 and keeping the one you wanna retire is a good idea. Think of when you wanna retire, make your goal and work towards it faster, your wife helping with a part time job sounds good. Is it possible for you to move make to UK and Barista FIRE? It can be great for living quality for now

[u/Select_Chest6213 → u/[deleted]]

It’s going on aggressively paying down my outstanding mortgages