First off I'm very impressed (and somewhat depressed) by what you guys have been able to do with ER and the money you've amassed. My congratulations to all of you who've done it already and those who are pursuing it!
I graduated with a degree in computer science at the age of 23. I've always been frugal and have had 401k since my first prof job. Unfortunately I lost a lot in my divorce a few years ago. It set me back almost 10years financially (legal fees and split of 50/50 on everything, buying her out of the house, alimony, child support, taxes etc) but I'm trying to get back on the horse. However, I also learned through my divorce that life can change suddenly so save hard for the retirement but don't forget to enjoy the life you have now. I spend more on small indulgences, eat out, go on small weekend trips and vacations with my kiddo more often etc.
Here're my current assets/stats:
W2 income: $125k
401k/IRA: $180k (also contribute $15k/yr to it)
Brokerage: $30k
Cash/emergency fund: $30k
House: worth $430k, owe $310k (small modest house by SoCal standards)
cars: 12-16years old but in the process of buying a new one since I commute a lot
My goal now is to retire by 50. Based on my understanding of the age limits when you can tap into 401k, IRAs, Social Security etc here's when and how much I'll need in each types of accounts if I want to retire by age 50 and be able to have $4k/mo (today's dollars, not adjusted for inflation).
Age: Goal
50-55: cash/savings $240k
55-60: 401k $240k
60-70: IRA $500k
70-90: Social Security
I just pulled most of my money out of the market after the Dow hit 15k. Now before anyone says anything about me trying to time the market I know, I know but I'd rather take my 40-60% appreciation than wait for the market to pull back and be back where I started 4 years ago.
I'm really thinking of buying an investment property as a vehicle for my retirement but not sure I can afford one? I'm also a single earner now so if I lose my job I don't want to lose everything. I'm not sure what my next move(s) should be
I graduated with a degree in computer science at the age of 23. I've always been frugal and have had 401k since my first prof job. Unfortunately I lost a lot in my divorce a few years ago. It set me back almost 10years financially (legal fees and split of 50/50 on everything, buying her out of the house, alimony, child support, taxes etc) but I'm trying to get back on the horse. However, I also learned through my divorce that life can change suddenly so save hard for the retirement but don't forget to enjoy the life you have now. I spend more on small indulgences, eat out, go on small weekend trips and vacations with my kiddo more often etc.
Here're my current assets/stats:
W2 income: $125k
401k/IRA: $180k (also contribute $15k/yr to it)
Brokerage: $30k
Cash/emergency fund: $30k
House: worth $430k, owe $310k (small modest house by SoCal standards)
cars: 12-16years old but in the process of buying a new one since I commute a lot
My goal now is to retire by 50. Based on my understanding of the age limits when you can tap into 401k, IRAs, Social Security etc here's when and how much I'll need in each types of accounts if I want to retire by age 50 and be able to have $4k/mo (today's dollars, not adjusted for inflation).
Age: Goal
50-55: cash/savings $240k
55-60: 401k $240k
60-70: IRA $500k
70-90: Social Security
I just pulled most of my money out of the market after the Dow hit 15k. Now before anyone says anything about me trying to time the market I know, I know but I'd rather take my 40-60% appreciation than wait for the market to pull back and be back where I started 4 years ago.
I'm really thinking of buying an investment property as a vehicle for my retirement but not sure I can afford one? I'm also a single earner now so if I lose my job I don't want to lose everything. I'm not sure what my next move(s) should be
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