I lost my C-suite level position this past Dec 31 and am wondering if I have enough to FI/RE?
- I am 53, wife 47 with 2 kids (20 & 12) who live in coastal, high cost city
- My ending total comp (salary bonus) was $1.1M and wife, who plans on working to cover our basic bills and health insurance, makes $120K p/y
- As a severance package, I will receive $1.5M across 2024 ($125K p/m for 12 months) which will be invested into high yield savings (Vanguard Bank)
- Aside from the severance, we have 1) $1.7M in post tax cash/liquid investments generating around 4.5% APR which is - $6K p/m), 2) $1.8M in combined 401K, and 3) fully paid mortgage (house worth - $2.4M) and all cars paid off
- Our monthly bills are - $7K p/m (wife covers around $5K of this, leaving a monthly shortfall of $2K)
- Take family vacations every two years, around $15K
- Would plan on taking SS at 62

Recommendations or thoughts on if I can FIRE at this time, versus finding another like-position which I have grown to dislike? The high yield savings are great now but fear they will go down soon and looking for a safe place to maximize the $1.5M severance (as it comes) and the $1.7M savings. After 25 years of work, I have been unemployed for ONE WEEK and Im not sure what to do with myself!