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43 looking to quit at 49 before retirement
Old 02-04-2015, 10:57 AM   #1
Confused about dryer sheets
Join Date: Feb 2015
Location: Birmingham
Posts: 2
43 looking to quit at 49 before retirement

I am 43, married to 40 yr old and mother to a 9 year old.
I currently work full time for a bank which offers a pension and 401k.
My husband works full time and he will be able to start his 401k in one month.
My plan is to quit my job with the bank in 6 years. In that time I will have paid off the house and his car and possibly a replacement car for myself.
We would have no debts for the last two years of my bank job.
That income would be about 45k a yr after taxes and 401k and would all go to savings.
My plan is to get a part time job closer to home making about 10k a year which will go to savings. We will live off husbands income. This amount of time is unknown at this point.
Then when I turn 65, he will be 62 we can pull retirement income.
Our cost of living is very low, but we assume it will increase a smidge once our child becomes a teenager and go back down once he leaves the nest.
I am here to learn more about other probabilities that may occur which will hinder our progress toward our goal.
Thanks for reading.
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Old 02-04-2015, 11:27 AM   #2
Full time employment: Posting here.
Join Date: May 2014
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Run an online retirement calculator to see if you will have enough saved at the time of your proposed retirement.
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Old 02-04-2015, 11:34 AM   #3
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Location: Houston
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Welcome. FireCalc is a good calculator to start with. If you're just getting started, I suggest you read Andrw Hallam's Millionaire Teacher.
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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Old 02-09-2015, 11:26 PM   #4
Dryer sheet wannabe
Join Date: Feb 2015
Location: El Paso
Posts: 19
Are you considering costs for your child's college education? College costs are crazy right now. This may delay your goal on when you plan to retire since your child still have 9 more years to go before hitting college age.
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Old 02-11-2015, 03:08 PM   #5
Confused about dryer sheets
Join Date: Feb 2015
Location: Birmingham
Posts: 2
His college education will be covered by a trust fund set up by his grandparents.
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Old 02-11-2015, 04:27 PM   #6
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Welcome to the forum. Sweet deal on the college trusts. I agree with the above to model your pre-retirement saving and spending. Use whatever tool you can: firecalc, fidelity RIP, financial engines, quicken lifetime planner. Ask work a little differently so one might uncover an aspect you hadn't considered another might handle life events differently. The exercise is great for working out the glitches of your plan.

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micro pensions 6%, rental income 20%
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