28/29 yo military members looking for guidance
Hi there! I am 29 yo active duty AF (E-5) and my husband just enlisted in AF reserves. We have been married for 5 years and have a 3 year old daughter. Our dream is to be able to retire in mid-50s but I am not sure if we are on track. I feel like we have been making small steps towards ER except for one major mistake of buying a house in 2008 (VA loan, 0% down) on our first duty station in Northern CA. The good news is we were able to refinance at the beginning of this year (30 yr fixed @ 3.25% - $1758/mo) and renting out the house at $1795/mo. No plans of short sale as we intend to keep the house as it could possibly be our retirement home. We now live on base and intend to do so on our future assignments.
Our current financial status
ROTH IRA - Vanguard 2045/2050 ($50000)
TSP/401K - Lifecycle 2040 ($20000)
Emergency Fund ($2000)
Car 1 ($18000 at 1.99%)
Car 2 ($5000 at 2.49%)
I am almost 9 yrs into enlistment, but I am also in military PA school full-time as an officer trainee, so a year from now I will be earning O-2E salary. Except for his weekend drills, my husband has mostly been a SAHD to our daughter for the past year and a half and this has set us back in terms of not being able to contribute to TSP this year and dipping into our EF when our both of our cars broke down. We are still able to max out or ROTH. When I am done with school, he is looking into getting a part time job as an EMT while going to nursing school using my post 9/11 GI Bill.
Thank you so much. Looking forward to hear from you all!