Stumbled upon this site from work while doing some research on what it would take to retire early. I must say, the overall detail and contribution given by its members is refreshing. Glad I found it..
About my situation, I'm 35, with a 33 wife... We're just looking to take our current financial pulse.
Income is roughly $250k combined, although we've both busted our butts to significantly increase our salaries in the last 5 years (up from $120k). I'm what I would consider frugal, we take approx 1 vacation a year, drive cars that are both paid off and looking to get 100k+ miles out of, etc... We're in the process of paying off our home, with $190k left on a mortgage which started at 280k 3 yrs ago, sometimes making double/triple payments. No student loans, no credit card debt, no other significant bills. We have no children, but we are working on that currently .
Combined we have $260k in 401ks, $20k in Roths (before we made too much to contribute), $50k in cash, $50k in her ESPP, and $50k in various vanguard funds. We have about $300k equity in our house. Upon retirement I will have a pension (Cash plan) that currently has $150k in it, along with fully covered retiree medical. 401k is basically split up 60% stocks, 20% bonds, 20% capital preservation
I try to keep very good tabs on our expenses, and use an excel spreadsheet to track it over the last several years. After a 10% investment in her ESPP, maximum into our 401ks, we still manage to save $1500-4000 a month additional.
A few questions:
* Does this feel like a good start towards being able to retire early (I'm currently looking at 45-55)?
* Im quite new to the forums, and have played around a bit with the FIREcalc. Do people generally try to shoot for a 100% success rate?
* For the people that have had children, I have heard horror stories on the actual amount a child will cost you through their lives, is it possible to retire *AND* raise children?
* In general it feels like I'm carrying too much cash, and I generally let my savings account accumulate 20-30k before i move lump sums into a vanguard account. What tips can you give me on more proactively moving money and maximizing my savings.
* Any other tips that people can offer, I'd love to discuss them...
About my situation, I'm 35, with a 33 wife... We're just looking to take our current financial pulse.
Income is roughly $250k combined, although we've both busted our butts to significantly increase our salaries in the last 5 years (up from $120k). I'm what I would consider frugal, we take approx 1 vacation a year, drive cars that are both paid off and looking to get 100k+ miles out of, etc... We're in the process of paying off our home, with $190k left on a mortgage which started at 280k 3 yrs ago, sometimes making double/triple payments. No student loans, no credit card debt, no other significant bills. We have no children, but we are working on that currently .
Combined we have $260k in 401ks, $20k in Roths (before we made too much to contribute), $50k in cash, $50k in her ESPP, and $50k in various vanguard funds. We have about $300k equity in our house. Upon retirement I will have a pension (Cash plan) that currently has $150k in it, along with fully covered retiree medical. 401k is basically split up 60% stocks, 20% bonds, 20% capital preservation
I try to keep very good tabs on our expenses, and use an excel spreadsheet to track it over the last several years. After a 10% investment in her ESPP, maximum into our 401ks, we still manage to save $1500-4000 a month additional.
A few questions:
* Does this feel like a good start towards being able to retire early (I'm currently looking at 45-55)?
* Im quite new to the forums, and have played around a bit with the FIREcalc. Do people generally try to shoot for a 100% success rate?
* For the people that have had children, I have heard horror stories on the actual amount a child will cost you through their lives, is it possible to retire *AND* raise children?
* In general it feels like I'm carrying too much cash, and I generally let my savings account accumulate 20-30k before i move lump sums into a vanguard account. What tips can you give me on more proactively moving money and maximizing my savings.
* Any other tips that people can offer, I'd love to discuss them...