Comments on FIRE using VA disabilty and part time work
Right now my partner is waiting for his VA disability to be approved. He's had to get a lawyer but she thinks she he should quality for TDIU due to his mental health issues from service. I'm a planner and would like to realistically see if FIRE is possible for us in a few years if he is awarded 100%. We've like to have kids in a couple of years. I am 32f and he is 36m. I work in a public service job full time and plan to until the end of 2026 when I will qualify for PSLF. My partner has 25k in student loans. After I get PSLF I would like to work part time or seasonally to take over most of the childcare duties. I am thinking of getting my enrolled agent certification this year and working during tax season and doing my other freelance work the rest of the year (it is not scaleable). I already volunteered at VITA this year and enjoyed it.
A few facts:
-100% va disability if married with no kids is currently: 3,946.25 a month adjusted for inflation tax free.
-I currently make 55k a year at my public service job.
-Roughly 10k a year freelancing.
-I own my home that is worth 290k. I owe 122k @ 6.6%. The monthly morgage is about 1200 a month. If my parter is 100% permanant for VA disabilty, our state will waive property taxes if I add him to the house. That would save us $350 a month on the mortgage.
-I owe 13k in federal student loans and my partner owes 25k in federal studnet loans (these should be forgiven if get the 100% va disability)
-No other debt.
-I have 73k in my IRA.
-I have 120k in cash in a HYSA.
-My partner has 80k in investments and cash.
-My partner applied for VA disability intially in September of 2021 so once he's approved he'll get backpay from that date. His lawyer get 20% of it. So as of right now that would be 78500 - 20% to his lawyer.
-I think doing just tax season tax prep work I could probably make about 20-25 an hour in my area and that will grow with time.
-We have seperate money now but will probably combine when we get married and have children.
Posted Mar 10, 2024, 2:57 PM UTC