Couple, age 42/31, net worth $2.43M, one newborn—is FIRE in 10 years realistic?

Couple, age 42/30s, net worth $2.43M, one newborn—is FIRE by 45-50 realistic?

Hi FIRE community. My partner and I want your reality check on our trajectory.

Current Situation (August 2026)

- Combined household net worth: $2.43M

- Liquid investments: $1.32M (100% stock index funds)

- Real estate: $374K equity (primary residence + rental property)

- Annual income: $659K (my $109K + partner's $550K)

- Annual expenses: ~$210K (including mortgages, childcare)

- One newborn + planning second child via surrogacy (~$150K, 2027-28)

Income Changes Ahead

- I'm resigning from my career role in January 2027 (after 20 years) to be primary parent

- My partner gets promoted to Director level in January 2027 → salary jumps to $750K

- Net household income dropping to $750K, but we're okay with that

Our Plan

- Annual investment contributions: $95K/year (post-tax + backdoor Roth)

- College: Two kids, 529 started + plan to fund gap from taxable accounts

- Both real estate properties on mortgage-payoff track (~2037 and ~2052)

- Timeline: Could hit "financial independence" (passive income > expenses) by age 48 (2032)

- Formal retirement target: age 67 (2051)

Questions

1. Are we being too conservative aiming for 67 given our equity trajectory? Could we realistically stop working by 50-55?

2. Anything we're missing in tax optimization? (Roth conversions? Inheritance planning?)

3. Is $750K salary sustainable post-FI if we want to keep some "active income" for lifestyle?

4. Two young kids + two properties—any blind spots on expenses we should model?

5. Real estate: keep both properties forever or liquidate one at some point for flexibility? Rate for rental property floats in 2030.

Appreciate any insights. We know we're fortunate; genuinely looking for reality checks and strategies.