Another newbie

[pjdaddy]

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!

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

[Jarhead*]

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

[retire@40]

...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.

[ESRBob]

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