urbancowboy6221
Confused about dryer sheets
I am sure this is incredibly redundant to the posters here to see but I would like to start off by saying hi and what a great community this seems to be so far. I have been looking at all of the posts and threads here and all are very informative as well. Ok now for my deal if this is in the right forum......
I plan on retiring at 60 Years old I will be 30 in February 2010 so that puts me at 2040 to retire woohoo!!! Anyways a ways away! But I would like a critique of my plan and much needed suggestions as well... My current situation is between my wife and I we bring home $9100.00 dollars a month after taxes ... I am a federal employee not enrolled in any retirement program (I know I am crazy) besides the obvious pension plan the government offers (adjusts with inflation). VA disability coming in at 1200 monthly net income (adjusts with inflation).
Investment Ideas so far:
Pre-retirement:
30 Year investing with average 5% return with a starting amount of $10,000 Investing at $24,000 yearly equals 1,717,478.38. Years to pay out with a weak interest rate of %0.5 percent in a decent savings account would equal 30 years at around 5k a month net assuming the investment is post tax or should I go with TSP (pre-tax)?
Post Retirement:
On a side investment while performing the above investmentment I will start up at the same time for a 30 year period is an inital $5,000 balance while contributing $6,000 annually at a 4% yearly return rate. This would equal 366,187.00. Which I would take around 80% of that an reinvest at that point or buy some rental properties. And use the rest
(20%) to help my kids pay off their school loans or donate to charity (whatever I could do to give at that point).
My monthly expenses are as follows:
Monthly Bills
Mortgage-1600
Utilities and cable: 500
Cell Phones- 160
Car Insurance-125(recurring)
Car- 338
Car- 422(recurring)
Gas- 200
Entertainment- 400
Groceries- 400
total = 4145
So: Investment income: $5,000 + VA $1200.00 + Civil service retirement $1500.00= $7700.00 monthly
This is with a house payment which is set to be paid off in 20 years. No credit cards just car notes (which I will always have) Stupid I know but neccessary wait no it isn't but I want it....lol!!
I understand there are a few more things to factor in like inflation, health care, car repair and oil changes (maybe battery changes by then.) But I am trying to build this foundation instead of continuously blowing my money on my wife's purse's and my project car.
I plan on retiring at 60 Years old I will be 30 in February 2010 so that puts me at 2040 to retire woohoo!!! Anyways a ways away! But I would like a critique of my plan and much needed suggestions as well... My current situation is between my wife and I we bring home $9100.00 dollars a month after taxes ... I am a federal employee not enrolled in any retirement program (I know I am crazy) besides the obvious pension plan the government offers (adjusts with inflation). VA disability coming in at 1200 monthly net income (adjusts with inflation).
Investment Ideas so far:
Pre-retirement:
30 Year investing with average 5% return with a starting amount of $10,000 Investing at $24,000 yearly equals 1,717,478.38. Years to pay out with a weak interest rate of %0.5 percent in a decent savings account would equal 30 years at around 5k a month net assuming the investment is post tax or should I go with TSP (pre-tax)?
Post Retirement:
On a side investment while performing the above investmentment I will start up at the same time for a 30 year period is an inital $5,000 balance while contributing $6,000 annually at a 4% yearly return rate. This would equal 366,187.00. Which I would take around 80% of that an reinvest at that point or buy some rental properties. And use the rest
(20%) to help my kids pay off their school loans or donate to charity (whatever I could do to give at that point).
My monthly expenses are as follows:
Monthly Bills
Mortgage-1600
Utilities and cable: 500
Cell Phones- 160
Car Insurance-125(recurring)
Car- 338
Car- 422(recurring)
Gas- 200
Entertainment- 400
Groceries- 400
total = 4145
So: Investment income: $5,000 + VA $1200.00 + Civil service retirement $1500.00= $7700.00 monthly
This is with a house payment which is set to be paid off in 20 years. No credit cards just car notes (which I will always have) Stupid I know but neccessary wait no it isn't but I want it....lol!!
I understand there are a few more things to factor in like inflation, health care, car repair and oil changes (maybe battery changes by then.) But I am trying to build this foundation instead of continuously blowing my money on my wife's purse's and my project car.