Hi, I've recently rediscovered this website and am very interested in how I'm doing as I feel like I'm way behind compared to others on this forum. My wife and I are both 37 and we have 2 kids, 6 and 2 years old. I would like to retire at 60 or earlier but considering our circumstances I have resigned to the fact that realistically it's more like 65. Here is some of our info.
We earn a combined $130k/year and our expenses are $80k/year not including the contributions we make to all of our different savings and retirement accounts. We also both have small pensions from our employers. We also have about $250k in equity in our home.
Hopefully you all can help me with your expertise and provide me any advice. I'd also like to know if it looks good so far if we could retire at 60 or if it's looking more like age 65.
I'm a newbie so I know I'm making many mistakes. Just anxious to learn from them before it's too late. Thank you!!
- My IRA - $109.3k
- Wife's IRA - $56.5k
- My Roth IRA - $32.3k
- My Profit Sharing Plan - $25.7k
- Private School Savings for Child 1 (VG) - $29.4k
- Private School Savings for Child 2 (VG) - $25.5k
- 529 Plan for Child 1 (VG) - $7.4k
- 529 Plan for Child 2 (VG) - $3.5k
- Education Savings IRA for Child 1 (Ameriprise) - $13.6k
- Education Savings IRA for Child 2 (Schwab) - $5.6k
- Cash Surrender Value of VUL - $8.8k
- Aquila Hawaiian Tax-Free Trust (HULAX) - $20k
We earn a combined $130k/year and our expenses are $80k/year not including the contributions we make to all of our different savings and retirement accounts. We also both have small pensions from our employers. We also have about $250k in equity in our home.
Hopefully you all can help me with your expertise and provide me any advice. I'd also like to know if it looks good so far if we could retire at 60 or if it's looking more like age 65.
I'm a newbie so I know I'm making many mistakes. Just anxious to learn from them before it's too late. Thank you!!