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46 - may not retire early - hope to retire well
Old 02-16-2013, 09:44 AM   #1
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46 - may not retire early - hope to retire well

Hello everyone,

Been lurking about a month. Joining to learn more and contribute.

I'm 46, married with three teens, all 2 to 5 years from college. Wife and I are both university professors.

Got a late start to retirement planning/saving, so ER may not be possible, but still hope to be able to retire well. Currently have $240k (combined) in our 401ks. Trying to save around $30k/yr, but home repair and kids' college may interfere with that. I'd like to save $2M before I retire, but not sure if that's realistic in terms of (a) what is achievable or (b) how much we will need.

I'll continue reading and learning here. Looking forward to eventually being able to contribute.
psyprof
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Old 02-16-2013, 10:10 AM   #2
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With both of you working at the college, don't your kids get free or discounted tuition?
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Old 02-16-2013, 10:38 AM   #3
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Yes, free tuition. Still have to pay room/board/fees/books, but the free tuition is a huge cost saver!

We'd save more if they live with us while in college, but I want them to experience being "on their own" at that stage.
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Old 02-16-2013, 10:42 AM   #4
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Quote:
Originally Posted by psyprof View Post
Yes, free tuition. Still have to pay room/board/fees/books, but the free tuition is a huge cost saver!

We'd save more if they live with us while in college, but I want them to experience being "on their own" at that stage.
Also, there are no guarantees that all three will go here. If they go elsewhere, we'll help as much as we can, which could influence our saving rate.
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Old 02-16-2013, 10:58 AM   #5
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The college won't cover tuition at other schools? My wife works at a big name university and they will pay for tuition at the school itself or huge chunk at other schools.
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Old 02-16-2013, 11:30 AM   #6
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We're a small private college, so there's no tuition coverage if kids go out of state or even to the in-state big schools (OU or OSU).

Our college does some tuition-sharing, but only with other similar colleges. We'll steer our kids to that list first, if they want to go elsewhere.
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Old 02-16-2013, 12:33 PM   #7
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Good luck with your plans! Looks like you guys have a nice nest egg from which to keep growing. Hope you get a kid or 2 (or 3) to your school. That would be HUGE!!!
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Old 02-16-2013, 01:21 PM   #8
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I used to think the tuition benefit was a great deal until I realized that without it, it would be embarassing for the university that it's own faculty/staff couldn't afford to send their children to the school.
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Old 02-18-2013, 05:50 PM   #9
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Welcome, psyprof.
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Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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