I'm pretty new to this forum, still figuring it all out.
I just turned 40(!), although I feel like I'm still in my mid-20s.
I'm married to my second husband, no kids right now, one kitten. Where to start?
The bare bones
Traditional IRAS: $458k
Roth IRAs: $114k
Taxable investments: $96k
Mortgage: $511k (latest appraisal was $725k)
Work situation plus retirement saving
Him: $140k - 15% into his 401k plan
Me: $40k (working part-time w/flexible schedule) - 10% plus 3% match
Roth IRAs: Maxing out both of them $11k
Total projected to save for retirement this year: $33k
I have a pension from my ex that will start in 11 years. It's only about $550/month with a COLA every summer. I have the option to roll it out to my IRA, but I like the idea of having a different type of income stream.
We track everything and budget in Mint. Perhaps there is a better way to track this? Our basic expenses are about $7k/month including the Roth IRAs, mortgage & house expenses, property taxes, insurances, auto expenses, tithing and groceries. Doesn't include the "luxuries" of traveling/fun money, going out to eat and that sort of thing. Looking at that number, it seems huge compared to other stuff I've read on these forums!
Once the house is paid off, I think we can easily get by on about $60k/year including traveling, entertainment and all that stuff.
We're child-free at the moment, but are about to become foster parents. I think we should have two children placed with us this summer. At least that is our hope! Along those lines, we set-up my current work situation to be part-time with flexible hours to be able to handle the kids and school schedules, etc. I haven't included any foster care money in our calculations yet. Presumably, any extra (if any) will be put toward the mortgage.
My hubby has very little interest in early retirement, so I've been framing most of our discussions on the FI route instead. I think he would love to be able to take any job without regard for the money. It is very safe to say that I'm the nerd in this money relationship.
My money goals
- Build up a little more cash on hand to maybe $20k(?)
- Pay off the mortgage early
- Optimize our saving/spending to speed up the FIRE-track without my hubby feeling deprived.
I've ran the numbers on paying of the house early and without getting too crazy, I think we could maybe do the 15 year route. We just refinanced at 3.625%.
I love reading the forums because most of my friends are B-R-O-K-E. Two are filing bankruptcy. Most of the others though just don't talk about it. So it's so great to have people to talk to about all this stuff!
Sorry this is so long. I kept changing it and could continue to do so, but instead, I'll just post and answer any questions.