Hello everyone. I am looking to start planning my retirement. I have been searching the forums and see that I am way behind on my planning, WAY BEHIND! A little about me, us. I am 34 years old, married with one child (1). We plan on having another one day. My wife is 33. We live in NJ. Combined income of about $150,000. Our expenses are, well too high. That will be changing. I am also setting up Mint to track our spending. We will both have pensions when we retire. We currently have a deferred compensation plan with about $40,000 and savings of about $75,000. We also have about $6,000 for our daughters college fund which we plan on investing, I think in a 529 plan (your advice is welcomed and much needed.) We own a home, owe $250,000 and has about $150,000 in equity, 13 years mortgage left. Cars paid off. Wife student loans of $45,000. As you can see, we are not doing well at all, for retirement that is. This is due to our going out, traveling, and buying what we want when we want attitude. Life has been good, but I am willing to start sacrificing, especially now that my little princess is around. I wish I would have started this planning when I started working at 14. I will be passing down what I learn to my children. They will be prepared, that’s for sure. We are not finance savvy and really need to research and any help. At this point, I am just shooting to retire comfortably, early may not be possible.
My plan thus far. I have ordered Bogleheads on Investing and Bogleheads on Retirement as it was recommended in the forums. This will hopefully give me a basic idea on what to invest in. I have become a member of this site and am seeking help and researching. I will be pumping money into the student loan to get that out of the way. Now any suggestions and advice for a family who is ready to work hard for retirement and saving for daughter future.
Thank You Very Much Everyone