How are we doing?

[markv83]

Age 38 and 35

Combined recent Gross Income with recent promotion
$170,000

Home value $330,000 mortgage balance $185,000

No debt besides house. Cars are paid off.

1 child age 2 with 1 on the way: 529 $35,000

State teachers retirement value $89,000

Roth $234,000

403b $132,000

 

[Ready]

Welcome! I would say you are doing great. The one thing you did not mention is what your annual expenses are. If you can keep your expenses low and put away a big percentage of your annual income you will be well on your way to a very comfortable retirement.

 

[street]

Looing great! Just your awareness of your finances is a huge deal for your age. I would say the average Joe, doesn't really know or care.

Good Job you are on your way.

 

[Ready2Save]

You are doing fantastic - seriously...no other debt besides the home and an outstanding start on your savings and haven't even hit 40 yet...you are ahead of the curve for sure.

 

[38Chevy454]

Welcome to the forum. You are on a great start. Better than most people in your age group. Keep up the savings and low debt. Remember the value of compounding, the more you can save and the earlier you can save will provide the maximum benefits later.

 

[Koolau]

I agree that you are doing very well indeed. Only real issues are 1) Required yearly spending and 2) Your age goal for retirement. It may be early to set a firm date, but having the goal is the first part of the battle though YMMV.

 

[latexman]

Age 38 and 35

Combined recent Gross Income with recent promotion $170,000

State teachers retirement value $89,000

Roth $234,000

403b $132,000

(89+234+132)/170 = 2.7

You are doing great, based on Fidelity's Guidelines of 2X at age 35 and 3X at age 40. You could be on the path to an early retirement.

 

[markv83]

Update

Age 40 and 37

Combined recent Gross Income
$206,000

Home value $395,000 mortgage balance $172,000

No debt besides house. Cars are paid off.

2 children age 4 and 2: 529 $67,000 and $28,000

State teachers retirement value $126,000

Roth $272,000

403b $178,000

 

[finnski1]

Update

Age 40 and 37

Combined recent Gross Income
$206,000

Home value $395,000 mortgage balance $172,000

No debt besides house. Cars are paid off.

2 children age 4 and 2: 529 $67,000 and $28,000

State teachers retirement value $126,000

Roth $272,000

403b $178,000

keep up the good work. Looking good

 

[street]

Keep doing what you are doing. It is all a process, and you are doing great!!!

 

[Stormy Kromer]

I agree. Stay the course. This may sound absurd, but at your age a stock market dip would be good for you. Keep buying.

I'm proud of how you're preparing for funding your children's education.

 

[HI Bill]

You guys are doing great! My only thoughts for improvement would be to establish an emergency fund and increase the savings rate. 50 will be here before you know it! One saying around here is you can FIRE when you have enough and you've had enough. I lost my patience for w$rking around age 50-53. Being FI might have contributed to that. Others have health issues crop up around age 50 or so that might impact one's ability to w$rk. Better to be over-prepared and enjoy more of the best remaining years of your lives!

 

[Koolau]

Age 38 and 35

Combined recent Gross Income with recent promotion
$170,000

Home value $330,000 mortgage balance $185,000

No debt besides house. Cars are paid off.

1 child age 2 with 1 on the way: 529 $35,000

State teachers retirement value $89,000

Roth $234,000

403b $132,000

Next thing to do is estimate your spending in retirement and then w*rk toward funding that from your savings


Excellent start. Keep us posted.

 

[target2019]

Update

Age 40 and 37

Combined recent Gross Income
$206,000

Home value $395,000 mortgage balance $172,000

No debt besides house. Cars are paid off.

2 children age 4 and 2: 529 $67,000 and $28,000

State teachers retirement value $126,000

Roth $272,000

403b $178,000

What is the category "State teachers retirement value"?

 

[Surewhitey]

What is the category "State teachers retirement value"?

My guess is a pension...

 

[RxMan]

Your situation looks great! Keep up the good work saving.

 

[pacergal]

Looks good.

 

[Car-Guy]

Looks good to me, and much better than I was at the same ~ages, even inflation adjusted. Retired a multi millionaire ~20 years later just working for a mega corp and steady conservative investing. Good luck.

 

[ut2sua]

No debt besides house.

The above is your biggest financial strength. Lots of things are going right for you. I am sure you guys can FIRE at some point if you want to. Isn't it great to have your finance under control
Congrats for getting to this point in your life.

 

[jw72]

welcome, you are doing great, still young.