Iíve been lurking around here for about a year or more now and really dig this site. I am 31 and my wife is 32. She and I have been dreaming and planning the road to FIRE for a few years now. We have a 2 year old child and our careers are just now starting to really get off the ground so the going has been slow. But at least we have a solid game plan and are socking money away as best we can.
I work for the Federal Government and my lady works for a public school district Ė yup, two more Guvímint workers.
We make good money together and have secure jobs, but we live in a really high cost of living area Ė coastal Southern California. However, we are proud homeowners and live comfortably, but not extravagantly. We definitely live below our means and are saving now around 20% of our gross income in retirement accounts. This should go up to ~30% in another year or so after all debt is paid off, except the mortgage.
As far as FIRE, here is my overall game plan:
- Have NO debt (except 30 year fixed mortgage at 5.7% interest)
- Pay cash for everything
- Continue to put the maximum in our two Roth IRAís, invested in low-cost index funds at Vanguard.
- Put maximum annual contribution in TSP (401k for Feds) each year with an aggressive and diversified allocation.
- Possibly start wifeís 457 or 403b, or consider taxable investing as income continues to rise.
We both have pensions. We both have Social Security (if itís around when we retire). Plus we have great health insurance benefits after I retire. We will own our home. I believe that should cover it, right? Our goal is to both retire around mid-50ís, give or take five years depending on the situation and opportunities. We are flexible. We want to do a lot of travel internationally and possibly live for a few months each year in exotic, but relatively low-cost locations. We are both adventurers. 8)
Anyway, thanks for letting me introduce myself. I am still relatively young and have much to learn from many of you in here.
Thank you all for sharing your wealth of knowledge.