bldgengineer
Dryer sheet wannabe
- Joined
- Jun 29, 2007
- Messages
- 12
Hi, I'm Chris from MD and I'm a building engineer working in Washington DC. I'm looking forward to retiring at the age of 50. I'm 26 years old and got a late start but retiring at 50 is my ultimate goal. I started last year by with an IRA and I will be maxing that out this and every year. The union I belong to has a pension plan that pays out 3% a month of your total contribution for the rest of your life. By my calculations if I stay at my current wages and my company's current contributions(this is a taft-hartley pension plan. I am not allowed to contribute to this pension and whatever company I work for is the only contributor) I will receive around $5000/mo and my spouse will receive 2500/mo after I die. Right now I am maxing out my IRA and I am also contributing another $2000 split between 3 mutual funds(10% of my gross salary).
My co-workers and I are right now negotiating our contract with our company to try to raise our pension rate from 11% to 12-13% of our hourly wage. We also average about a 3.5% rate hike per year as well.
What I would like to know is am I on the right track to be able to retire at 50 or is there something else I should be doing right now?
I plan on making more of a contribution once my $9300 cc debt is paid off but until then I'm stuck where I'm at.
Right now I make $60,000/year and have a 1300/mo mortgage(incl utils), 580/mo car payment(dont ask very, VERY long story. this is with an 5.9% rate), 110/mo car ins, 200/mo cc payment(at 0%)
My co-workers and I are right now negotiating our contract with our company to try to raise our pension rate from 11% to 12-13% of our hourly wage. We also average about a 3.5% rate hike per year as well.
What I would like to know is am I on the right track to be able to retire at 50 or is there something else I should be doing right now?
I plan on making more of a contribution once my $9300 cc debt is paid off but until then I'm stuck where I'm at.
Right now I make $60,000/year and have a 1300/mo mortgage(incl utils), 580/mo car payment(dont ask very, VERY long story. this is with an 5.9% rate), 110/mo car ins, 200/mo cc payment(at 0%)