Join Early Retirement Today
Thread Tools Search this Thread Display Modes
37 yo mom, enjoying tracking net worth and learning about finances
Old 05-27-2014, 11:59 AM   #1
Confused about dryer sheets
Join Date: May 2014
Posts: 2
37 yo mom, enjoying tracking net worth and learning about finances

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!

orangepjs is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-27-2014, 03:06 PM   #2
Thinks s/he gets paid by the post
38Chevy454's Avatar
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 2,532
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.

The advice we're giving you is invaluable, that's why it's free
Experience is a good teacher, but the tuition can get expensive real fast

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Kudos to you!
Old 05-27-2014, 05:10 PM   #3
Recycles dryer sheets
Join Date: Jan 2012
Posts: 352
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!
Rickt is offline   Reply With Quote
Old 05-27-2014, 05:18 PM   #4
Confused about dryer sheets
Join Date: May 2014
Posts: 2
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!
orangepjs is offline   Reply With Quote
Old 05-27-2014, 09:15 PM   #5
MBAustin's Avatar
Join Date: Jul 2010
Posts: 6,336
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!
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 05-27-2014, 10:48 PM   #6
Recycles dryer sheets
Join Date: Jan 2014
Posts: 277
Congrats on your life choices and solid financial planning.
You will definitely make early retirement a reality and enjoy those ER years.
Turboslacker is offline   Reply With Quote
Old 05-28-2014, 06:33 AM   #7
Thinks s/he gets paid by the post
Golden sunsets's Avatar
Join Date: Jun 2013
Posts: 1,691
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.

Golden sunsets is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Hi, 38 year old mom in charge of finances... adventurechic98005 Hi, I am... 12 05-27-2014 05:20 PM
There's No Tracking Like UPS Tracking easysurfer Other topics 60 05-04-2013 01:28 PM
When did retirement finances become so disconnected with real finances? nun FIRE and Money 4 11-02-2010 01:48 PM
Tracking finances virginia Young Dreamers 31 07-07-2006 11:17 AM

» Quick Links

All times are GMT -6. The time now is 08:45 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.