I've been obsessively running every calculator there is for several years... to plan for early retirement. I think we'll be able to get there in 2-3 years.
I'm 50. Spouse is 60.
We were late to the marriage/kid thing so our kids are 9 and 11.... which adds a challenge to retirement planning - retirement concurrent with raising teenagers and funding college. We have 529's that are funded about 1/2 towards my goal for them. I expect to continue funding them until they're in college... so that's an expense that will continue for the first several years of retirement.
I contribute the max to my 401k (including the catchup now that I'm 50). Spouse does an IRA every year ($6000). I have 2 microscopically small pensions. Depending on when I start collecting them it will range between $400 and $700/month.
We've got 2.5 years till the house is paid off if we keep up our extra principal payments. That's a prerequisite to retirement for us - it's the one area we're spending a LOT. When that debt is retired, we'll need less to get by.
We're also putting our house in order. Working on a budget kitchen remodel (after years of living with the original 1960's kitchen.) Also plan to put in new windows while we still have income. Other than those two things, our house is in good shape.
We're both savers. That makes a big difference.
I haven't seen too much discussion in how an inherited IRA (with RMDs required) plugs into the various calculators. A big chunk of our net worth is in an inherited IRA. Currently we're using the RMDs to fund the 529's and pay extra principal on the mortgage.
I also haven't seen to much discussion about whether you should plan on 100% of the college expenses to be funded by 529, or some smaller amount. Any advice appreciated.
Our goal is to be retired and in our kids faces during their teen years - make them miserable with our smothering love. (And prevent them from getting into trouble.)
We're tweeners -caught between kids and aging parents - we have a unit that his parents live in (rent free)... but will be renting that out in the next year or two. (Aging parents are reaching the point they can't live independently). So that will provide about $1200/month rent when it comes online.
Looking forward to joining into the discussions here.
Rodi
I'm 50. Spouse is 60.
We were late to the marriage/kid thing so our kids are 9 and 11.... which adds a challenge to retirement planning - retirement concurrent with raising teenagers and funding college. We have 529's that are funded about 1/2 towards my goal for them. I expect to continue funding them until they're in college... so that's an expense that will continue for the first several years of retirement.
I contribute the max to my 401k (including the catchup now that I'm 50). Spouse does an IRA every year ($6000). I have 2 microscopically small pensions. Depending on when I start collecting them it will range between $400 and $700/month.
We've got 2.5 years till the house is paid off if we keep up our extra principal payments. That's a prerequisite to retirement for us - it's the one area we're spending a LOT. When that debt is retired, we'll need less to get by.
We're also putting our house in order. Working on a budget kitchen remodel (after years of living with the original 1960's kitchen.) Also plan to put in new windows while we still have income. Other than those two things, our house is in good shape.
We're both savers. That makes a big difference.
I haven't seen too much discussion in how an inherited IRA (with RMDs required) plugs into the various calculators. A big chunk of our net worth is in an inherited IRA. Currently we're using the RMDs to fund the 529's and pay extra principal on the mortgage.
I also haven't seen to much discussion about whether you should plan on 100% of the college expenses to be funded by 529, or some smaller amount. Any advice appreciated.
Our goal is to be retired and in our kids faces during their teen years - make them miserable with our smothering love. (And prevent them from getting into trouble.)
We're tweeners -caught between kids and aging parents - we have a unit that his parents live in (rent free)... but will be renting that out in the next year or two. (Aging parents are reaching the point they can't live independently). So that will provide about $1200/month rent when it comes online.
Looking forward to joining into the discussions here.
Rodi