Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Another newbie
Old 09-06-2004, 01:44 PM   #1
Dryer sheet wannabe
 
Join Date: Sep 2004
Posts: 21
Another newbie

Well, I've been lurking for awhile now, learning lots. And one of the first things I've come to grips with is that its too late for me to early retire. Until I started reading here, retiring at 57 sounded early. But it seems middling at best after reading what others have done.

Currently age 50. Four kids. One with kids of his own, one in college, and two in high school (a sophomore and a junior). Both my wife and I work, with roughly equivalent incomes. She has 6 years to go before having the minimum points for retirement from her company, and with luck, the youngest will be through undergrad in 7 years. So realistically, from a commitment standpoint, we're looking at 6-7 years to ER and hope to be prepared.

We currently have $775K in 401K and IRAs, and no mortgage. The 401Ks are predominately in equities, and we're adding ~20K per year between us.

Anyway, great to come aboard. Feels like I know half the folks here already!
__________________

__________________
pjdaddy is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Another newbie
Old 09-06-2004, 02:51 PM   #2
 
Posts: n/a
Re: Another newbie

Hello pjdaddy and welcome. Suggest you comb these
posts for useful info, Some may "puff" their
expertise, but try not to give them a bad "rap".

John Galt
__________________
  Reply With Quote
Re: Another newbie
Old 09-06-2004, 03:30 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Dec 2003
Posts: 1,375
Re: Another newbie

Quote:
Well, I've been lurking for awhile now, learning lots. *And one of the first things I've come to grips with is that its too late for me to early retire. *Until I started reading here, retiring at 57 sounded early. *But it seems middling at best after reading what others have done.

Currently age 50. *Four kids. *One with kids of his own, one in college, and two in high school (a sophomore and a junior). *Both my wife and I work, with roughly equivalent incomes. *She has 6 years to go before having the minimum points for retirement from her company, and with luck, the youngest will be through undergrad in 7 years. * So realistically, from a commitment standpoint, we're looking at 6-7 years to ER and hope to be prepared.

We currently have $775K in 401K and IRAs, and no mortgage. * The 401Ks are predominately in equities, and we're adding ~20K per year between us. *

Anyway, great to come aboard. *Feels like I know half the folks here already!
Pjdaddy:
Appears to me you are doing fine. Raising 4 children, and college expenses is not chicken-feed.
You should be justifiably proud of your accomplishment at age 50. Keep up the good work, and you should be in great shape by age 57. (Still younger than most people are able to retire).
Good Luck, Jarhead
__________________
Jarhead* is offline   Reply With Quote
Re: Another newbie
Old 09-06-2004, 04:53 PM   #4
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,669
Re: Another newbie

Quote:
...one of the first things I've come to grips with is that its too late for me to early retire. *Until I started reading here, retiring at 57 sounded early. *Currently age 50. *Four kids. *One with kids of his own, one in college, and two in high school (a sophomore and a junior).
Good point. If you can retire at 57 after raising 4 great kids, you are ahead of a lot of people. Your kids will bring more meaning to your life than any money ever will. I have more appreciation for people with kids that can still manage to retire early than those who can retire at 30 or 40 with no kids. Sounds like you could have retired in your 30s without kids, but that's a trade I would never make.

One of my goals in life was to be a millionaire. I didn't realize until my child was born that I was a millionaire at that point. As important as it is for me to reach $1 million at this point and ER at 40, it is vastly more important to me to be a great dad and husband.

Keep up your quest. 57 is still a better age to retire than 62 or 65.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
Re: Another newbie
Old 09-07-2004, 05:05 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,318
Re: Another newbie

Welcome, PJDaddy;
Don't be discouraged by the age thing -- some here have been very fortunate -- the key point is you're planning now, and you've got an environment of great advice-givers and supporters. Anything that helps get you 'out' early, even a year or two early, is well worth the effort. Getting out nearly 10 years early is huge, and it sounds like that is what you are on track for.

Bon courage...

ESRBob
__________________
ER for 10 years; living off 4.3% of savings (and a few book royalties ;-)
ESRBob is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
More dumb questions from another newbie that can't spell worth $***! VaCollector FIRE and Money 24 05-16-2007 05:06 PM
Being a newbie & all, I hate to ask.... Bram Forum Admin 14 01-18-2007 01:10 PM
Newbie Ken says hello and thanks kb56 Hi, I am... 5 05-24-2006 09:04 PM
Newbie question about MPT (Modern Portfolio Theory) Van FIRE and Money 6 05-10-2006 06:09 PM
FireCalc Newbie: Wide variability-final portfolio Delawaredave5 FIRE and Money 14 03-16-2005 07:50 AM

 

 
All times are GMT -6. The time now is 06:18 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.