I thought I wanted to retire ealry, but now I want to trade some of those retired years for some fun earlier in life while the kids are young.
I'm 33, married with two kids (3 and 1). Combined income about $190k. No debt other than a modest mortgage (225k).
We have $595k in nest egg/retirement savings(we currently save about 40% to 45% of our income). $105k in college fund for the kids (MIL inheritence earmarked for the kids).
By my current forcasts, we could easily retire by 50 or earlier.
Instead, we want to stop retirement saving for 4 years and save directly towards an extended sailboat cruising trip.
When we are 37, quit our jobs and take the kids sailing for 4-5 years.
Then re-enter the workforce and work until retirement.
The intital $595k and college fund would go untouched and invested until we return.
We would re-start work at about the age of 42. And then work later in life until we are able to retire.
What I'm worried about:
Oh and yes, the wife's onboard (pun intended)
I'm 33, married with two kids (3 and 1). Combined income about $190k. No debt other than a modest mortgage (225k).
We have $595k in nest egg/retirement savings(we currently save about 40% to 45% of our income). $105k in college fund for the kids (MIL inheritence earmarked for the kids).
By my current forcasts, we could easily retire by 50 or earlier.
Instead, we want to stop retirement saving for 4 years and save directly towards an extended sailboat cruising trip.
When we are 37, quit our jobs and take the kids sailing for 4-5 years.
Then re-enter the workforce and work until retirement.
The intital $595k and college fund would go untouched and invested until we return.
We would re-start work at about the age of 42. And then work later in life until we are able to retire.
What I'm worried about:
- Health insurance while we're on the trip - I haven't investigated at all. How much is a plan for an unemployed family?
- Overspending on the trip - But, we've always been good at living modestly and well below our means. I hope we can stick to a budget.
- Restarting work - I know we won't be anywhere close to our quitting salaries, but will we be down to an entry level position after a 5 year haitus?
- When will we be able to retire? - I can't get a grasp on this because I don't have a clue how much this will de-rail our careers and our salary. But maybe getting used to a lower salary will be beneficial and we won't be that bad.
Oh and yes, the wife's onboard (pun intended)