bigmarley4
Dryer sheet wannabe
Hello!
First, thank you to all the great posters on this site. I am a lurker but have been a member for a few years now and read a ton. I would love your input on my situation and plan. I'll be posting this on a few different forums to see the different reactions I get, then compile the overall feedback and report back.
Current state:
-Engaged to be married in Fall 2013. We are both in our early 30's.
-HHI: ~ $270K, probably will increase 5-10%/year for foreseeable future.
-HH Net worth: $400K (have 6 months emergency cash. 70% index funds in tax advantaged accounts, the rest in brokerage accounts, trying to follow the principles of tax efficient fund placement)
-I've got ~$25K student loan debt @ 3% that is reflected in NW above. No other debt of any kind for us.
-I've got some equity of undeterminable value, so I'm counting it as zero for now, but count be worth high 5 / low 6 figures in the most rosy scenario.
-Rent+groceries/utils/cable/internet/phones= $3500 month
-Neither of us wants children or a house. Or "stuff" for that matter. We love a lot of new experiences.
Here's my very rough plan to semi-retire by 35:
-Work for next few years, maximizing income wherever possible (changing companies if need be).
-Get to $750K saved, then "retire" from our current jobs
-Pay off loans
-Use wedding money and use miles/points to travel for 6 months-year after our "retirement date".
-After that, find jobs that we enjoy to pay the rent+expenses+healthcare and live in a low COL area. Or if we can find contract work in our current lines of work, travel continuously and work 10-20 hours/week remotely.
-Don't touch any of the money in our retirement accounts until we fully retire.
-Assuming a 5% return, this will grow to about $1.7mm in 20 years, at which point we could fully retire. Or if we are doing something we love and it generates income, continue to do that until we can't. We've both worked long enough to collect some SS, but I don't even know if it will be the same program in 20 years. Not counting on it.
I've read a lot about early retirement, but not so much on the idea of early "semi" retirement. Our goal is really to not spend our the rest of our 30's and our 40's working for the man saving up tons of money for some huge retirement. We don't want a big house in the burbs with 3 kids and beamers in the driveway. We want to experience the world!
Again, all feedback is appreciated. Thanks in advance for your comments!
First, thank you to all the great posters on this site. I am a lurker but have been a member for a few years now and read a ton. I would love your input on my situation and plan. I'll be posting this on a few different forums to see the different reactions I get, then compile the overall feedback and report back.
Current state:
-Engaged to be married in Fall 2013. We are both in our early 30's.
-HHI: ~ $270K, probably will increase 5-10%/year for foreseeable future.
-HH Net worth: $400K (have 6 months emergency cash. 70% index funds in tax advantaged accounts, the rest in brokerage accounts, trying to follow the principles of tax efficient fund placement)
-I've got ~$25K student loan debt @ 3% that is reflected in NW above. No other debt of any kind for us.
-I've got some equity of undeterminable value, so I'm counting it as zero for now, but count be worth high 5 / low 6 figures in the most rosy scenario.
-Rent+groceries/utils/cable/internet/phones= $3500 month
-Neither of us wants children or a house. Or "stuff" for that matter. We love a lot of new experiences.
Here's my very rough plan to semi-retire by 35:
-Work for next few years, maximizing income wherever possible (changing companies if need be).
-Get to $750K saved, then "retire" from our current jobs
-Pay off loans
-Use wedding money and use miles/points to travel for 6 months-year after our "retirement date".
-After that, find jobs that we enjoy to pay the rent+expenses+healthcare and live in a low COL area. Or if we can find contract work in our current lines of work, travel continuously and work 10-20 hours/week remotely.
-Don't touch any of the money in our retirement accounts until we fully retire.
-Assuming a 5% return, this will grow to about $1.7mm in 20 years, at which point we could fully retire. Or if we are doing something we love and it generates income, continue to do that until we can't. We've both worked long enough to collect some SS, but I don't even know if it will be the same program in 20 years. Not counting on it.
I've read a lot about early retirement, but not so much on the idea of early "semi" retirement. Our goal is really to not spend our the rest of our 30's and our 40's working for the man saving up tons of money for some huge retirement. We don't want a big house in the burbs with 3 kids and beamers in the driveway. We want to experience the world!
Again, all feedback is appreciated. Thanks in advance for your comments!
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