happyandhealthy
Confused about dryer sheets
- Joined
- Oct 12, 2014
- Messages
- 4
Hi,
I have read a bit on this forum before yet this is my first post; I hope to present my scenario well and, most notably, the central question I think about related to money and retiring most often.
I am 43 and my wife is 34. We have three young children (7,4,2) and we both teach. I can receive a pension in 8 more years that would give me just over $60,000 if I took the benefit that didn't help my wife in any way.
I fully fund my 401K and my wife puts some in hers. We fully fund ROTHs each year. These retirement accounts are in the low six-figures.
We own a duplex that cash flows approximately $975-1000/month. Our house payment is just above $1800 and we have no debt besides the duplex and house.
I don't know if I'll want to retire in eight years yet I want to create that option. Even though my wife would likely keep teaching, I'd like to create a situation where she could choose to 'retire,' too, if that is her choice at that point. We'd only be 51 and 42 so there's a good chance we might opt for part-time work at that point. No matter: my goal is to create the most flexibility and freedom for us in eight years.
I figure we either need to be rid of the house payment to make this happen or to have the duplex paid off. Or to produce $2000/month in income above my pension.
What are your thoughts and ideas? I appreciate any help.
I have read a bit on this forum before yet this is my first post; I hope to present my scenario well and, most notably, the central question I think about related to money and retiring most often.
I am 43 and my wife is 34. We have three young children (7,4,2) and we both teach. I can receive a pension in 8 more years that would give me just over $60,000 if I took the benefit that didn't help my wife in any way.
I fully fund my 401K and my wife puts some in hers. We fully fund ROTHs each year. These retirement accounts are in the low six-figures.
We own a duplex that cash flows approximately $975-1000/month. Our house payment is just above $1800 and we have no debt besides the duplex and house.
I don't know if I'll want to retire in eight years yet I want to create that option. Even though my wife would likely keep teaching, I'd like to create a situation where she could choose to 'retire,' too, if that is her choice at that point. We'd only be 51 and 42 so there's a good chance we might opt for part-time work at that point. No matter: my goal is to create the most flexibility and freedom for us in eight years.
I figure we either need to be rid of the house payment to make this happen or to have the duplex paid off. Or to produce $2000/month in income above my pension.
What are your thoughts and ideas? I appreciate any help.