37 yo mom, enjoying tracking net worth and learning about finances

[orangepjs]

Hi! I have been reading this board for well over a year. The main reason I joined with an account is so that I can see photos. Ha! I love reading about everyone's stories and where they are on their ER path.

I am a 37 mom to my 5 year old son. I quit my job after 10 years at my company. DH is 42 and works at the same company and is on year 15. I am enjoying my time home with my son. I might go back to work part time when he's a little older. DH enjoys his work but would like to retire at age 50. I calculated our current net worth to be around 1.2M. Would like a final number of 3M around the age DH wants to retire. We will also both get corporate pensions starting at age 55 and then SS. So I think we're on track to reach our goals. Details:

income: 160,000

home equity: 265,000
cash: 33,000
taxable brokerage: 170,000
HSA: 6550
my 401k: 275,000
DH 401k: 365,000
my roth: 57,000
DH roth: 18,000
529: 97,000​

I don't have any specific questions at the moment. Just wanted to do the intro and say that I really enjoy this forum. Have a nice day!

 

[38Chevy454]

I would say with your currrent finances and goals your plans seem to be feasible. While you did not specify your savings (or conversely your monthly expenses vs income), in order to have what you do now is indicator that you are good savers. So that makes your goals within reach if you keep that up. Depending on what your accounts are invested in and how your returns over the next 8 years, it may slightly change your age where you meet the goal of $3M.

The good thing is you both have some pension income that will be a big help. You will only need to live entirely on savings for 5 years, then pension kicks in and you can reduce savings withdrawal rate, then at some point in future your SS kicks in and you can further reduce savings withdrawals.

With all that, welcome to the forum and keep learning! I am still learning myself, it will never stop for me.

 

[Rickt]

Kudos to you!

You have made the correct decision to stay at home with your 5 Yr old. Your finances seem to be on track for you to realize your goal of ER. If I were you, I wouldn't add any more to 529 plan unless you are planning to have one more child.

I have recently returned to the ER site after achieving one milestone towardd ER and am on track to ER in 2-3 years.

Best Wishes!

 

[orangepjs]

Thanks for your responses! I grew up with a savings mentality from my parents and so that's a soild habit I have.

When I was working, we saved my whole paycheck (most of the time . Currently with one income, we're annually contributing $34,000 to retirement accounts and the HSA. And another $12,000 split between the taxable brokerage savings and extra mortgage payments.

Rickt: we agree. We have stopped contributing to the 529 since we think there's enough in there. DS was born the month of the big stock market crash in 2008 and we have loaded it up since then and it has appreciated significantly. Just lucky with the timing of that. So we hope to be set for his college. Medically can't have more kids so he'll be our only.

Thanks again!

 

[MBAustin]

Welcome! Like you, DH and i decided early on to live basically on one paycheck, so that if/when we had kids we would have options. Unlike you, after DD and DS were born, I decided to stay in the workforce (I would have been a really bad SAHM). We are very glad we kept our savings rate high as DH had to retire very early due to disability (MS). We still were able to pay for both kids' college and I ER'd as well (voluntarily).

The FIRE mentality is all about making choices so you have choices.

BTW, DS graduated college with honors, has a fabulous well-paying job, and still drives my old 1999 Honda Accord. They really do learn from us!

 

[Turboslacker]

Congrats on your life choices and solid financial planning.
You will definitely make early retirement a reality and enjoy those ER years.

 

[Golden sunsets]

Welcome orangepjs; Sounds like you and DH are going to be all set and will sleep well at night. Having a savings mentality early on makes all the difference. I am now 65 but we also lived on one salary after our marriage until our DD was born. I became a SAHM until our younger child was in middle school. I then reentered the work force part time so that child care was not needed and eventually went full time in a totally new career which has been very rewarding. Good luck to you.