26, Married with a 2YO in Alabama
Background:
Both of us were raised by frugal families. The in-laws are successfully retired at 45. My parents are work-aholics, but are set for retirement in savings. DH and I are of an early retirement mindset. DH is more ambitious than I am and would prefer to be a stay-at-home dad, but I think he will need to work until 40.
Current Financial Picture:
DH and I are currently in the process of paying off our mortgage, but we are having some difficulty with the wire transfer. Keeping my fingers crossed that we will be debt-free sometime this week.
We contribute the maximum amount each year (since '07) for our Roth IRAs. I contribute for the full match at work, and contribute a small additional portion to a 457 plan. DH does not have benefits. We have a modest household income of ~$60k before taxes, and live on ~$20k/year. The rest was used to pay down our mortgage. Fully funded EF at $25k.
The Plan:
Continue to max Roth IRA contributions, raise 457 contributions to $16,500 annual limit, spend some more
Ok, so the questions:
1. Is it stupid to retire before the kid(s) are even in college?
2. Do I go for a higher paying job (longer commute, higher stress) if we are coasting along just fine at status quo?
3. What are the chances that my awesomely-laid plans are going to be f***ed up in the next 20-40 years?
Nice to meet you all!
Background:
Both of us were raised by frugal families. The in-laws are successfully retired at 45. My parents are work-aholics, but are set for retirement in savings. DH and I are of an early retirement mindset. DH is more ambitious than I am and would prefer to be a stay-at-home dad, but I think he will need to work until 40.
Current Financial Picture:
DH and I are currently in the process of paying off our mortgage, but we are having some difficulty with the wire transfer. Keeping my fingers crossed that we will be debt-free sometime this week.
We contribute the maximum amount each year (since '07) for our Roth IRAs. I contribute for the full match at work, and contribute a small additional portion to a 457 plan. DH does not have benefits. We have a modest household income of ~$60k before taxes, and live on ~$20k/year. The rest was used to pay down our mortgage. Fully funded EF at $25k.
The Plan:
Continue to max Roth IRA contributions, raise 457 contributions to $16,500 annual limit, spend some more
Ok, so the questions:
1. Is it stupid to retire before the kid(s) are even in college?
2. Do I go for a higher paying job (longer commute, higher stress) if we are coasting along just fine at status quo?
3. What are the chances that my awesomely-laid plans are going to be f***ed up in the next 20-40 years?
Nice to meet you all!