Hello! This is a great forum, have been lurking for a while.
I am 48yo male and live in NJ (suburb of NYC). I currently have approx $310k in a 401K. My wife is 44 and has a job with a govt pension. She's been there 21 years and plans to work until she's 65 (she likes her job!). So she will have over 40 years of service (assuming she doesn't leave the job for some unforeseen reason) and so a very nice guaranteed pension.
We currently owe approx $270k on our mortgage (30yr fixed, just bought the house so still have 28 years to go). Our combined gross income is approx. $140k.
I have been playing around with online calculators but I seem to get different results depending on which one I use. My goal is this:
I'd like to retire early, at 55 (7 more years). At that point my wife will be 51 and will still be working another 14 years. We are both covered under her health insurance so we would not need to purchase HI. I figure I should have around $500K by age 55. Does this seem doable?
My concerns:
-We don't have kids so I worry about long-term care expenses. I know little about LTCI but I'd imagine it can be very pricey. And I'm not even sure if it is considered a wise purchase.
-We like to travel and eat out etc. I'd say our entertainment expenses are higher than most. I want to continue to do this after retirement (my wife will still be working but she does get a lot of vacation time each year so we plan to travel a lot even before she retires).
-On an emotional level, I worry about depending on her pension and health care to allow me to retire early. We get along great and the chances are extremely remote - but I've seen older couples get divorced. You never know. I don't like being financially dependent on anyone including my spouse.
-I also worry somewhat about the dynamic if she is still working for so many years while I'm retired. Will it lead to friction? Will she resent my always being around the house? Will I resent her never being around?
So there you have it. Long post, sorry! Any advice would be welcomed from those who managed to make it all the way to the end. Thanks for reading.
I am 48yo male and live in NJ (suburb of NYC). I currently have approx $310k in a 401K. My wife is 44 and has a job with a govt pension. She's been there 21 years and plans to work until she's 65 (she likes her job!). So she will have over 40 years of service (assuming she doesn't leave the job for some unforeseen reason) and so a very nice guaranteed pension.
We currently owe approx $270k on our mortgage (30yr fixed, just bought the house so still have 28 years to go). Our combined gross income is approx. $140k.
I have been playing around with online calculators but I seem to get different results depending on which one I use. My goal is this:
I'd like to retire early, at 55 (7 more years). At that point my wife will be 51 and will still be working another 14 years. We are both covered under her health insurance so we would not need to purchase HI. I figure I should have around $500K by age 55. Does this seem doable?
My concerns:
-We don't have kids so I worry about long-term care expenses. I know little about LTCI but I'd imagine it can be very pricey. And I'm not even sure if it is considered a wise purchase.
-We like to travel and eat out etc. I'd say our entertainment expenses are higher than most. I want to continue to do this after retirement (my wife will still be working but she does get a lot of vacation time each year so we plan to travel a lot even before she retires).
-On an emotional level, I worry about depending on her pension and health care to allow me to retire early. We get along great and the chances are extremely remote - but I've seen older couples get divorced. You never know. I don't like being financially dependent on anyone including my spouse.
-I also worry somewhat about the dynamic if she is still working for so many years while I'm retired. Will it lead to friction? Will she resent my always being around the house? Will I resent her never being around?
So there you have it. Long post, sorry! Any advice would be welcomed from those who managed to make it all the way to the end. Thanks for reading.