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I'm new here running behind.
Old 04-18-2015, 08:35 AM   #1
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I'm new here running behind.

Im glad I found this site I have been reading for a while. I'm running behind for retirement, I'm trying to catch up. I'm 47 married wife & 2 kids. 13 &16
I want to retire at 60 here is where I'm at.

Everything is in vanguard low cost
Simple IRA:$132k
Roth IRA: $130k
Taxable acct: $120k
529 acct : 15k will do are best

House main: value-425k owe 170k in the next 4 years or so will be selling in taking the cash to buy my smaller home for retirement. So by age 51 I should have no more house payment.

2nd home. Parents live there $150k owe $0

Saving
Simple IRA-DW and I max out total: 25k +3%
Roth IRA- DW and I max out: 11k
Taxable: 30k

I'm trying to be smart and save, been very focused
For Many years. I just wish I had started earlier. Will be teaching my kids to be better than I was.


Edit: emergency fund. always 20-25k cash on hand.




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Old 04-18-2015, 09:03 AM   #2
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A lot of retirement depends on expenses. Retiring at 60 may not be earliest retirement but it's earlier than the majority. What is your annual expense look like with and without a house payment ?
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Old 04-18-2015, 09:05 AM   #3
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If you can maintain your saving rate until retirement, you look good to me. How much is your estimated retirement expenses?
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Old 04-18-2015, 09:26 AM   #4
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Welcome to the forum.

Saving at an aggressive rate is a two prong attack to reach retirement - you are throwing more money into the savings AND you are learning to spend less and save more. The lower your spending, the smaller your nest egg needs to be. I found that as I upped my 401k contributions and after tax savings, I was living on less - and didn't miss it.
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Old 04-18-2015, 09:41 AM   #5
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My annual expenses right now minus retirement and house payment 60-70k
I'm hoping to have 80-90k a year in retirement that includes Social Security&taxes. I have not included selling off my business mostly one of the guys buying me out.



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Old 04-18-2015, 10:47 AM   #6
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Welcome to the forum. The good thing is you are not as behind as you might think. Yes the liquid savings seems lower, but you have pretty good house and second home equity. Keep saving how you are, and increase that as you can and you will be able to get there.

You can't go back, so don't beat yourself up over what has been done, just be confident you have got your plan on the path for success.
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Old 04-18-2015, 11:03 AM   #7
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I forgot to add my emergency fund I have 20 to 25k


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Old 04-18-2015, 11:12 AM   #8
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I admire what you have accomplished with two teenagers--for a retirement at 60, you are probably not behind at all. Very nice.
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Old 04-18-2015, 11:36 AM   #9
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Early retirement (or any successful retirement) is very much dependent upon doing a very few small things right, and doing the least amount of things wrong (i.e., making as few mistakes as possible). If you haven't already, I recommend reading the Bogleheads site regularly, as well as the book recommendations there.

I agree that you've done well for having two teenaged children. As also noted above, an aggressive savings will make up for "starting late", as you put it. As an added bonus, the habit of aggressive savings is a training ground for learning to live and think from a frugal perspective, now and in the future. One of the easiest ways to reach an early retirement goal is to cut spending.
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Old 04-18-2015, 11:45 AM   #10
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Have you analyzed your situation using Quicken Lifetime Planner or Firecalc? That would be the best way for you to get a handle on your situation and if you are saving enough.
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Old 04-18-2015, 11:55 AM   #11
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Quote:
Originally Posted by Options View Post
Early retirement (or any successful retirement) is very much dependent upon doing a very few small things right, and doing the least amount of things wrong (i.e., making as few mistakes as possible). If you haven't already, I recommend reading the Bogleheads site regularly, as well as the book recommendations there.



I agree that you've done well for having two teenaged children. As also noted above, an aggressive savings will make up for "starting late", as you put it. As an added bonus, the habit of aggressive savings is a training ground for learning to live and think from a frugal perspective, now and in the future. One of the easiest ways to reach an early retirement goal is to cut spending.

Bogleheads is what changed me. I have read all the books. I'm getting good at saving but not always frugal. I'm always thinking before purchasing anything which has helped a lot.


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