Hello everyone, have been lurking for a while and found very useful information. I am hoping to retire at 55, DW is already retired (if you can call being home with 3 kids retired).
Started w**king late in life after grad school and various adventures. Started budgeting when we decided that DW would stay home with our kids.
My answers to... Some Important Questions to Answer Before Asking - Can I Retire?
1. Have been tracking budget for two years, annual spend about $40k, but imagine that will increase as kids get older, oldest one in first grade. Income currently at $120k + about 10% bonus.
What is a realistic increase of spend in your experience? (with kids growing up).
2. I imagine that my expenses will go up in retirement as we hope to travel and explore more.
3. We value education, but we are not planning on covering college expenses completely for the kids (Dual citizenship for the kids allows for free college abroad and 529s could go for masters here.)
4. Don't have enough details yet around spending habits in ER yet.
5. I might be able to do consulting, but have not investigated that avenue yet. I am looking into getting one or two income properties, but don't know how to handle these with increased travel in retirement, what do you do?
6. I will not receive a pension, but have a nice 6% $/$ match plus 3% retirement contribution from company
7. I am not counting on any SS in retirement
8. Have not thought too much about retirement tax situation yet.
9. ~$230k roth and $300k tIRA. 401(k) $38k (W**rking at new Mega Corp for a little over a year) Maxing out 401(k), roth IRA and stock purchase plan.
10. Hoping to get into the 90's in good health like my grandparents
11. Fire calc says I'm in good shape, but don't know how realistic my current spending/savings will be in five or ten years as I only started tracking a few years ago and our family has been growing.
12. Currently have life insurance covering me until 55 at $2MM pay out and much less for retired wife, but something that would help with child care etc if she was to pass.
I am starting to reinvest dividends into bonds and will add to bonds to reach 40% equities at 55.
I am interested in income properties, I am handy and I think I'd enjoy it provided I have good tenants. I need a new garage, I am considering a 2nd story on garage as a one bedroom apartment to ease me into landlording. Is this a good idea, or would it be better to buy a standalone property? You who have income properties, do they significantly contribute to your FI?
To all you who are FIREd with kids, how have your expenses increased with age after you discovered the option to RE?
Thanks
Started w**king late in life after grad school and various adventures. Started budgeting when we decided that DW would stay home with our kids.
My answers to... Some Important Questions to Answer Before Asking - Can I Retire?
1. Have been tracking budget for two years, annual spend about $40k, but imagine that will increase as kids get older, oldest one in first grade. Income currently at $120k + about 10% bonus.
What is a realistic increase of spend in your experience? (with kids growing up).
2. I imagine that my expenses will go up in retirement as we hope to travel and explore more.
3. We value education, but we are not planning on covering college expenses completely for the kids (Dual citizenship for the kids allows for free college abroad and 529s could go for masters here.)
4. Don't have enough details yet around spending habits in ER yet.
5. I might be able to do consulting, but have not investigated that avenue yet. I am looking into getting one or two income properties, but don't know how to handle these with increased travel in retirement, what do you do?
6. I will not receive a pension, but have a nice 6% $/$ match plus 3% retirement contribution from company
7. I am not counting on any SS in retirement
8. Have not thought too much about retirement tax situation yet.
9. ~$230k roth and $300k tIRA. 401(k) $38k (W**rking at new Mega Corp for a little over a year) Maxing out 401(k), roth IRA and stock purchase plan.
10. Hoping to get into the 90's in good health like my grandparents
11. Fire calc says I'm in good shape, but don't know how realistic my current spending/savings will be in five or ten years as I only started tracking a few years ago and our family has been growing.
12. Currently have life insurance covering me until 55 at $2MM pay out and much less for retired wife, but something that would help with child care etc if she was to pass.
I am starting to reinvest dividends into bonds and will add to bonds to reach 40% equities at 55.
I am interested in income properties, I am handy and I think I'd enjoy it provided I have good tenants. I need a new garage, I am considering a 2nd story on garage as a one bedroom apartment to ease me into landlording. Is this a good idea, or would it be better to buy a standalone property? You who have income properties, do they significantly contribute to your FI?
To all you who are FIREd with kids, how have your expenses increased with age after you discovered the option to RE?
Thanks