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Hello - 44 and trying to stay on track
02-11-2011, 07:08 PM
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#1
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Recycles dryer sheets
Join Date: Feb 2011
Posts: 75
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Hello - 44 and trying to stay on track
Hello:
I have been lurking on this forum for a few months and have really found some great information. So far, I find the site good to help me stay focused on my dream of a great retirement at an age when I can enjoy it. At any rate, here's me:
44, married with three kids and two dogs, living in a fairly affordable city in the Midwest. One kid already out on his own, two teenagers at home still in high school. I am the sole breadwinner - my wife has stayed home ever since middle child was born 17 years ago. I struggled to make much money right out of college and we had kids while I was still in school so we got kind of a late start in retirement savings. The good news is we always have lived within our means even when we made very little so debt never has been an issue.
We have about $300k saved right now between a 401k, two IRAs and some stocks I have purchased specifically for retirement. My income has really grown over the last few years and I am now making around $200k a year in a really good job with a large company I have been with for 15 years. So, I am pouring money into retirement as much as possible - I think I should be able to put a minimum of 50k towards retirement every year going forward. The only thing that might slow us down is if we have two kids in college at the same time. We owe about $150k on our house - just did a refi into a 15 year mortgage at 3.8% (yay!). No credit card debt at all - only debt outside the mortgage is one car payment.
I am hoping to retire by age 60 with at least $2M. No pensions waiting for us - we will only have what we save ourselves. We are thinking of maybe keeping the house here in retirement and maybe doing the snowbird thing but we are about 15 years out and a lot can change so , we will see. The on-line retirement calculators I have been using indicate we are in decent shape if we continue to save at this rate.
Thanks again for all the info everyone on the board contributes. Any and all feedback appreciated.
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02-11-2011, 10:13 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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CorporateSoldier, I'm glad you've decided to join in! It sounds to me like you're well on the way to your retirement. The combination of a terrific income and a modest lifestyle really helps the retirement nest egg grow.
I'll look forward to your future posts.
Coach
__________________
"Comprehensive health insurance is an idea whose time has come in America." President Richard M. Nixon, February 6, 1974
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02-11-2011, 10:39 PM
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#3
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Full time employment: Posting here.
Join Date: Jan 2010
Location: Smith
Posts: 743
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Sounds like you're on the right track. Good savings rate, modest spending. consider downsizing in retirement and don't forget all the saving from not working, commuting, raising kids, etc. Maybe you can bump that date up a few years. Good luck!!
__________________
Retired July 4th, 2010 at age 43
Trout Bum, Writer, Full-Time Dad and Husband
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02-12-2011, 08:33 AM
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#4
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Recycles dryer sheets
Join Date: Feb 2011
Posts: 75
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Quote:
Originally Posted by flyfishnevada
Sounds like you're on the right track. Good savings rate, modest spending. consider downsizing in retirement and don't forget all the saving from not working, commuting, raising kids, etc. Maybe you can bump that date up a few years. Good luck!!
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Right. That has been a big takeaway for me from following this forum. I didn't really consider how much I will be able to save once my kids are on their own and how much less expensive life can be in retirement. Simple concepts like not having to save for retirement, not putting lots of miles on cars for work and not paying enormous income taxes while retired I really had not considered.
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02-12-2011, 08:56 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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Welcome to the board
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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02-12-2011, 09:04 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,304
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Welcome aboard, you're ahead of the curve in assets and approach, congrats! Nothing wrong with your goals, we all try to pick an age/year to retire, but in the end you can't - it all comes down to "The question isn't at what age I want to retire, it's at what income." ~George Foreman
Hopefully you will have the option to retire ahead of schedule...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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02-12-2011, 09:18 AM
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#7
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Recycles dryer sheets
Join Date: Feb 2011
Posts: 75
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Quote:
Originally Posted by Midpack
Welcome aboard, you're ahead of the curve in assets and approach, congrats! Nothing wrong with your goals, we all try to pick an age/year to retire, but in the end you can't - it all comes down to "The question isn't at what age I want to retire, it's at what income." ~George Foreman
Hopefully you will have the option to retire ahead of schedule...
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Agreed! The other change in thought process from following this board is more of a focus on financial independence versus retirement. I find it really hard to figure out a retirement lifestyle but financial independence? That's what it is really all about. I am guessing once you are truly financially independent, decisions get much easier regarding how to spend your time.
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