My wife and I are planning on "slowing down" our life a little, neither of us are thrilled with our job nor particularly thrilled with living in suburbia (although the part of Cal we live in is nice and comfortable). We're definitely not ready to fully retire yet (I'm still very much interested in doing work that I enjoy), but we are both very excited about the prospect of changing our lifestyle, moving out of state, switching jobs to something we really enjoy and just taking it a little bit easier.
Current situation:
* We are both 35 years old.
* Two children, 6 and 13
* $570K in investable assets ($300K in 401Ks, $270K in taxable accounts)
* Own a company (with a business partner) that provides income of about $250K annually
* Current savings rate of about $80K per year (@ $57K into 401Ks)
* $15K of debt (car) at 2.9%, no other debt
* Currently rent (just sold the McMansion a few months ago)
We're targetting the move in two years, which should allow us to save another $160K, bringing our total to roughly $730K (plus interest hopefully ), plus the sale of our business should net us personally somewhere between $150K and $400K.
We'd like to then move to an area of the country with some wide open space, a slower pace and lower cost of living. My wife has family in rural Missouri, and we are thinking about that area. We're both planning on continuing to work, perhaps starting a small business, but definitely finding something that we enjoy doing.
While we do like our toys and eating out a lot, we have pretty inexpensive tastes and typically live beneath our means. I figure that once we move to a lower cost area, we can get by comfortably on a combined income of $50-60K annually.
The plan is to not touch any of the savings until we're 55 and we'll continue to save until then, however we'll probably only be able to stash away $10K per year. By the time we're 55 (18 more years of saving from that point), our $730K plus the additional $10K annually should be somewhere between $3-4M (barring any major downturns), at which point we will probably consider full retirement.
I welcome your criticism, ideas, thoughts... thanks.
Current situation:
* We are both 35 years old.
* Two children, 6 and 13
* $570K in investable assets ($300K in 401Ks, $270K in taxable accounts)
* Own a company (with a business partner) that provides income of about $250K annually
* Current savings rate of about $80K per year (@ $57K into 401Ks)
* $15K of debt (car) at 2.9%, no other debt
* Currently rent (just sold the McMansion a few months ago)
We're targetting the move in two years, which should allow us to save another $160K, bringing our total to roughly $730K (plus interest hopefully ), plus the sale of our business should net us personally somewhere between $150K and $400K.
We'd like to then move to an area of the country with some wide open space, a slower pace and lower cost of living. My wife has family in rural Missouri, and we are thinking about that area. We're both planning on continuing to work, perhaps starting a small business, but definitely finding something that we enjoy doing.
While we do like our toys and eating out a lot, we have pretty inexpensive tastes and typically live beneath our means. I figure that once we move to a lower cost area, we can get by comfortably on a combined income of $50-60K annually.
The plan is to not touch any of the savings until we're 55 and we'll continue to save until then, however we'll probably only be able to stash away $10K per year. By the time we're 55 (18 more years of saving from that point), our $730K plus the additional $10K annually should be somewhere between $3-4M (barring any major downturns), at which point we will probably consider full retirement.
I welcome your criticism, ideas, thoughts... thanks.