Im planning on ER before my 48th birthday next May 25. To make this happen the DW is going to continue working at least 5 more years. She is a middle school principle and would be 50 with 25 yrs service in 5 years. This would qualify her for a reduced pension. She would get a full pension of 80% of her highest 3 years salary with 30 yrs in at 55. She loves her job currently but I would only retire now knowing that she could change her mind in 5 years.
I have been tracking our spending and it looks like we can still save around $1500 to $2000 a month on one salary. We also hope our kids are on their own soon. The youngest still has about 2 yrs of college to go. We have two sons and pay for their cars, gas , tuition and books, clothes, and Im sure many things I don't know about.
We are currently debt free and have around 250K in my 401K and 175k in after tax accounts. Plus the wifes pension. I belive we should have no proplem adding to this amount but if the wife would choose to retire in 5 years we would probably downsize our house. We just had this home built and it's over 3000 sqft. with a 2 acre lot. We could definatly be comfortable in a smaller home.
I plan on taking over many of the DW's chores around the house thus giving her more free time for herself. I also plan on doing many things myself that I used to pay to have done.
It's still just a goal, but getting closer.