Hi from Tallahassee

[xhxexlxpx]

Lurking no more. I am 41 yoa and the DW is 42. We are both state employees and have two children, 10 and 12 yoa.

Our goal is to ER in 14 yrs with the house paid. Our current combined salaries are 140K and we are putting 10% into retirement savings. Currently in retirement savings, we have 180K in a 407K & 30K in a 401K all in mutual funds. We estimate having 50-60K in combined COLA pensions at our ER date. We estimate needing 80-90K pretax in today's dollars to have the lifestyle we want. It will be hard to save much more than our current retirement % with kid expenses and college savings. Any advice is very welcolmed.

 

[Martha]

Welcome to the forum! My only advise is to get a name that is easier to pronounce.

 

[mickeyd]

Hey x,

Welcome here.

With those two COLA pensions you have a great amount of latitude with whatever your plan and asset allocation is. With $180K already saved in your DC plans you are well on your way. Congrats on saving 10% with 2 youngsters at home. I assume that you also have college savings plans for them.

Are you dried out from TS Fay yet?

 

[xhxexlxpx]

Hey x,

Welcome here.

With those two COLA pensions you have a great amount of latitude with whatever your plan and asset allocation is. With $180K already saved in your DC plans you are well on your way. Congrats on saving 10% with 2 youngsters at home. I assume that you also have college savings plans for them.

Are you dried out from TS Fay yet?

Thanks for the welcome. You are correct that we are funding college savings plans. We are doing the state prepay tutition plan for both kids and putting what we can into Roths.

I fared pretty well from Fay but a familiy member had a tree go through their back porch. Maybe Fay will stimulate Florida's construction economy...

 

[Dawg52]

I fared pretty well from Fay but a familiy member had a tree go through their back porch. Maybe Fay will stimulate Florida's construction economy...

Fay is messing up my golf and I don't like it. There, got it off my chest. BTW, welcome to the forum.

 

[Westernskies]

Welcome to the forum. How do you pronounce that screen name?

 

[BigBob]

I think he is asking for help in the midst of all the x's.
Very clever.

 

[Westernskies]

I think he is asking for help in the midst of all the x's.
Very clever.

you one smartguy...