Thanks for asking.
Let's see about those details..
We just bought our house last September so we are in Year 1 of a 30 year fixed mortgage @5.875%. We plan to stay in this house until retirement.
We have a second mortgage at 7.2% because we only put down 5% and had to borrow the other 15% of the "down payment". This loan is amortized for 30 years but a balloon payment for the balance is due after 15 years.
We have no other debt besides these two loans. Both cars are paid for and the credit cards are paid off every month.
We both work and contribute 6% to our 401ks so that we receive the maximum match of 3%. So we've got 9% of gross saved off the bat. Our 401ks are pretty much our only savings. We have a little over $100,000 combined.
After expenses we have about $2500/month to save or spend.
We have just started making additional principal payments on the second mortgage and hope to wipe that out by the end of 2006. After that, the wife will quit work to raise kids. She's about 40% of the income so our savings rate will take a big hit when this happens. Not to mention the additional expenses for kids.
I figure I'll only be able to put away 10k a year (401k and everything else) after she quits. I want about $30,000 net in my retirement days (today's dollars).
How's it look to you?