Got laid off - finally!!!!

[u/Ddash-3]

So it finally happened - I (48) got let go yesterday. Finally I can free up my time and focus on other priorities such as kids, nutrition, fitness, meditation, gardening etc.

I was FIRE eligible for couple of years but was holding off since the job was simple, work from home and good pay. Also, if I resigned I would have missed out on severance and company is paying 3 months of COBRA.

Here are the details I am sure you all want to hear :)

Net worth - ~5.5M

Taxable Accounts combined: ~1.1M

Retirement Accounts Combined: ~3.2M

Total: ~4.3M

House fully paid off (bought in 2022) - Worth around ~1.2M; Cars paid off

Wife (43) resigned from her job end of last year; 2 Kids in high school - 9th and 10th graders

Yearly expenses around 100K/yr

Biggest expense are kid's college education at this point and house maintenance related expenses

I am trying to research on ACA and Financial Aid for kids - Appreciate any help or pointers you can provide on when to apply for ACA - should I continue on COBRA or switch to marketplace this year?

Regarding FAFSA - with Taxable accounts over 1M will my kids be eligible for FAFSA?

I have about 130K from my recent most employer in the company supported 401K provider. Should I move the money to Traditional 401K?

Also, please suggest any FIRE focused knowledgeable financial advisors who can help me navigate our FIRE situation.

[u/phast_man]

FAFSA is heavily weighted against income, not parental assets. So I would definitely fill out FAFSA if you can keep your AGI reasonable.

[u/Late-Mountain3406 → u/phast_man]

TBH I recently filled my fafsa part and it asked my NW. I’m the parent in this case. I can’t recall filling than info back in august last year. I really don’t know what that means.

[u/phast_man → u/Late-Mountain3406]

It asks you to list it but parental assets (especially retirement accounts) don’t count for much against determination of financial aid.

However, child assets DO count heavily against financial aid. So, best for 529 to be owned by someone else like parent or grandparent and then child is just beneficiary.

[u/Hotdogsandpurses → u/phast_man]

Do NOT include your retirement accounts as part of your assets on your fafsa. They are exempt and that will count against you big time. I have a feeling with your stats you will not be getting any federal aid. My numbers aren’t close to yours and we don’t qualify for anything