I'm reaching the big 4-0 this year. Wife's a couple yrs behind.
Both in reasonably good health. Some longevity in families.
I work FT, wife works 1 day per week (funding her 401k).
4 kids ages 8/6/5/3. College 529 prepaid and savings plans in good shape.
Finished school and ensuing training 10y ago and been at my job since.
Been consistently saving 25%+ from the getgo.
Goal of being able to retire at 60, and working part time until 65-70. Does that meet the definition of early retirement? Would hope so after being in school/training until nearly 30 and having 4 kids.
Potential Age based timeline
-50: mortgage paid off
-50: eldest child graduates high school
-59: youngest graduates college
-60: able to retire
-60 to 70: kids start their families
-65 to 70: retire; potentially downsize home and move
Live in Virginia near WashDC (high living expenses), and will likely be here until retirement. Not sure where we want to retire.
Have run 2 retirement calculators (Firecalc, MoneyGuidePro) which seem to place us in decent shape to retire at 60-65. Looks like the biggest factors are:
1-age of retirement
2-savings while working
3-spending while retired
4-real returns
Any thoughts?
Both in reasonably good health. Some longevity in families.
I work FT, wife works 1 day per week (funding her 401k).
4 kids ages 8/6/5/3. College 529 prepaid and savings plans in good shape.
Finished school and ensuing training 10y ago and been at my job since.
Been consistently saving 25%+ from the getgo.
Goal of being able to retire at 60, and working part time until 65-70. Does that meet the definition of early retirement? Would hope so after being in school/training until nearly 30 and having 4 kids.
Potential Age based timeline
-50: mortgage paid off
-50: eldest child graduates high school
-59: youngest graduates college
-60: able to retire
-60 to 70: kids start their families
-65 to 70: retire; potentially downsize home and move
Live in Virginia near WashDC (high living expenses), and will likely be here until retirement. Not sure where we want to retire.
Have run 2 retirement calculators (Firecalc, MoneyGuidePro) which seem to place us in decent shape to retire at 60-65. Looks like the biggest factors are:
1-age of retirement
2-savings while working
3-spending while retired
4-real returns
Any thoughts?