dd564
Recycles dryer sheets
Hello,
Just stumbled across this forum and it looks great. Still browsing the frequently asked questions and searching for answers.
Here's my story. I think I have a longer road to hoe than most.
I'm almost 42.
Wife is about 37.
We have three kids. Youngest is 4 years old.
Our combined income is about $130k a year.
I've researched other calculators and based on what I've read, to retire by age 65 and have an adjust for inflation retirement income of $100k, I'm going to need about $4 million to retire.
That makes me question how the hell the other 80% who are financially worse off than us will make retirement some day.
Anyway... here are my stats.
I'd appreciate any feedback or suggestions on how to retire sooner.
We have a house valued at about $450k, balance on it is about $315k.
We have a rental house valued at $280-$300k, mortgage balance is $160k at 5%.
Neither of us have pensions. I'm surprised by how many people on here my age and younger have jobs with pensions.
We have about $300k in investments in an aggressive but well diversified portfolio. Total net worth is about $550k.
I guess a couple questions I have:
1.
Is planning for 100k (adjusted for inflation) higher than what is really necessary? (Kids out of house, less house payments, lower food expenses, etc)? It's hard to predict how much I will spend when we hope to be traveling in retirement, but really unsure how we'd spend the rest of our time. (20 years from now is a long time).
I guess I'd like feedback on what others think.
Current budget:
Income: $130k per year salary, plus $1850 monthly in rental property payment.
Expenses:
Our current budget which is loose right now is about $7000 spent per month.
$3300 is the mortgage on the current house and rental property.
$1200 in misc bills. ($390 car payment, $300 gas, electric, Insurance etc is remainder.)
$2,000 for food, gas for auto, clothes, school, kid expense, as well as short vacation (long weekend to in-laws, etc).
The rest we are working to invest.
I guess I'd like thoughts on what others are spending in real dollars in 2014 for retirement, and how much travel and leisure expenses they have so I can adjust for inflation to bring a reasonable number.
Just stumbled across this forum and it looks great. Still browsing the frequently asked questions and searching for answers.
Here's my story. I think I have a longer road to hoe than most.
I'm almost 42.
Wife is about 37.
We have three kids. Youngest is 4 years old.
Our combined income is about $130k a year.
I've researched other calculators and based on what I've read, to retire by age 65 and have an adjust for inflation retirement income of $100k, I'm going to need about $4 million to retire.
That makes me question how the hell the other 80% who are financially worse off than us will make retirement some day.
Anyway... here are my stats.
I'd appreciate any feedback or suggestions on how to retire sooner.
We have a house valued at about $450k, balance on it is about $315k.
We have a rental house valued at $280-$300k, mortgage balance is $160k at 5%.
Neither of us have pensions. I'm surprised by how many people on here my age and younger have jobs with pensions.
We have about $300k in investments in an aggressive but well diversified portfolio. Total net worth is about $550k.
I guess a couple questions I have:
1.
Is planning for 100k (adjusted for inflation) higher than what is really necessary? (Kids out of house, less house payments, lower food expenses, etc)? It's hard to predict how much I will spend when we hope to be traveling in retirement, but really unsure how we'd spend the rest of our time. (20 years from now is a long time).
I guess I'd like feedback on what others think.
Current budget:
Income: $130k per year salary, plus $1850 monthly in rental property payment.
Expenses:
Our current budget which is loose right now is about $7000 spent per month.
$3300 is the mortgage on the current house and rental property.
$1200 in misc bills. ($390 car payment, $300 gas, electric, Insurance etc is remainder.)
$2,000 for food, gas for auto, clothes, school, kid expense, as well as short vacation (long weekend to in-laws, etc).
The rest we are working to invest.
I guess I'd like thoughts on what others are spending in real dollars in 2014 for retirement, and how much travel and leisure expenses they have so I can adjust for inflation to bring a reasonable number.