jeff_grimshaw
Confused about dryer sheets
- Joined
- May 5, 2008
- Messages
- 2
That's not entirely true, but mostly.
I was directed to this board by a friend of mine who is about the same age as I am and was able to retire recently. He told me that this is a fun forum chock full of helpful advice for those planning for accelerated retirement.
I'm 38 and I'd like to retire in the next 5 years. There, I said it.
My financial situation at the moment is neither here nor there. I've got ~80K saved up in various places, but most of that is tied up in 401K/IRA plans that I can't touch unless I pay unspeakable penalties and taxes. I own my home and I've don't have any debt to speak of other than my large, SF-Bay-Area-Sized mortgage. I could get ~60K out of the house if I had to sell it today.
My special situation is that my wife is 20 years older than I am. She will be retiring at 62-65 and I don't want to get left behind. I haven't yet got a plan to get there, so here I am.
I've got an idea of what I want my retirement to look like on a lifestyle level (hint: not extravagant), and my wife and I are synced up on this. I'd like to go into it with a plan that I feel has a reasonable chance of success.
So where do I start? Here's what I think I need to do, in no particular order. Please correct me where I've gone astray.
1. Figure out how much income I will need after retirement.
2. Figure out where my income is going now.
3. Figure out how much income I can reasonably save now (budget!).
4. Start saving it!
5. Figure out how much savings I will need.
6.
7. Retire!
Thanks for all the great advice and inspiration that's already here on the boards, and also for that which is to come.
Cheers,
--Jeff
I was directed to this board by a friend of mine who is about the same age as I am and was able to retire recently. He told me that this is a fun forum chock full of helpful advice for those planning for accelerated retirement.
I'm 38 and I'd like to retire in the next 5 years. There, I said it.
My financial situation at the moment is neither here nor there. I've got ~80K saved up in various places, but most of that is tied up in 401K/IRA plans that I can't touch unless I pay unspeakable penalties and taxes. I own my home and I've don't have any debt to speak of other than my large, SF-Bay-Area-Sized mortgage. I could get ~60K out of the house if I had to sell it today.
My special situation is that my wife is 20 years older than I am. She will be retiring at 62-65 and I don't want to get left behind. I haven't yet got a plan to get there, so here I am.
I've got an idea of what I want my retirement to look like on a lifestyle level (hint: not extravagant), and my wife and I are synced up on this. I'd like to go into it with a plan that I feel has a reasonable chance of success.
So where do I start? Here's what I think I need to do, in no particular order. Please correct me where I've gone astray.
1. Figure out how much income I will need after retirement.
2. Figure out where my income is going now.
3. Figure out how much income I can reasonably save now (budget!).
4. Start saving it!
5. Figure out how much savings I will need.
6.
7. Retire!
Thanks for all the great advice and inspiration that's already here on the boards, and also for that which is to come.
Cheers,
--Jeff