Young family with preschool kids

[er hopeful]

Hi

Here is a hypothetical question for you folks.

For a young couple (33) with 2 preschool kids (2 and 3), what would be the range for the amount of the nest egg that you folks will be comfortable recommending ER.

$2M or 2.5M, for example? I realize that it depends on a zillion of factors; but if it were you, what would be that figure?? Thanks for your input.

erh

 

[malakito]

Whatever this hypothetical young couple spent in the last six months multiplied by 50 would be enough for them to retire now according to most on this board.

If they want to retire in 20 years, then should multiply by at least 90 instead (to account for inflation between now and then).

Trying to compare your required nest egg size to anyone else's is not a good direction to head, IMHO.

malakito

P.S. -- If it were me, which it's not, as I am slightly older and have one more child, that figure would be larger than the example figures you suggested. But that's just me.

 

[bongo2]

For what it's worth, I'm part of a young couple with four preschool kids, and I would feel pretty good not working today with about $1.8M with a paid-for house, no college expenses and free medical insurance. Gross of those things I think the magic number jumps up to about $2.8M. Unfortunitely, it's a long way from here to there.

 

[COD]

I'm just a couple of years older - with two school age kids. I've got $2 million in mind as the magic number. Not that there is any danger of me having much anytime soon

 

[EricN]

we got 2 little one and a networth of around 1.2M. we figure that in 5 years if god is on our side we would like to be retired with around 1.5M or so. with parttime job here and there i think we can survive. most important, live below your mean.