Xraptox
Confused about dryer sheets
Hello everyone,
I am brand new to forums and wanted to introduce myself and get some advice for planning next steps.
I am a father of a 1.5 year old and I am 39 years old. I started a bit late in both parenting and saving for retirement. My wife is 38. I am an American and live/work in Switzerland. My wife is European and does not have much in retirement savings since they typically believe the government will take care of them
We both earn well enough with the company sponsored pension systems here. We are each saving 25,000 USD a year. in addition, I contribute to my Ira 5000 USD a year. Current savings are about 300,000 USD in taxable investment accounts, IRA, and vested benefit in company pensions. Zurich is incredibly expensive for living and I would like to retire in 15 years. It might be difficult as my son would only be 16 1/2, but I want to set the goal. We would not really think to retire here, but somewhere cheaper. Tennessee sounds appealing, but I am open and it is still far away. Likely we would try to keep a EU residence and a USA residence.
I feel we are behind the ball on saving enough to retire in 15 years. I see people posting about living on $36,000 a year during retirement. That is what my child's day care costs. So if I can find a place where I can live on that, I would be delighted.
I am seeking advice on:
1. To have a middle class retired life in the US, what amount of monthly income do I need to plan on?
2. Is there an index somewhere showing average annual income by state along with a indicator what that income would provide for (eg. 36k in Tennessee would certainly afford better life than 50k Ny city)?
I do not plan on SS so expect to use pension as lump sum withdrawal upon retiring combined with capital gains from selling home in Zurich (hope for estimated 300k) and additional savings to finance retirement.
Any other advice to help out this late starter?
I am brand new to forums and wanted to introduce myself and get some advice for planning next steps.
I am a father of a 1.5 year old and I am 39 years old. I started a bit late in both parenting and saving for retirement. My wife is 38. I am an American and live/work in Switzerland. My wife is European and does not have much in retirement savings since they typically believe the government will take care of them
We both earn well enough with the company sponsored pension systems here. We are each saving 25,000 USD a year. in addition, I contribute to my Ira 5000 USD a year. Current savings are about 300,000 USD in taxable investment accounts, IRA, and vested benefit in company pensions. Zurich is incredibly expensive for living and I would like to retire in 15 years. It might be difficult as my son would only be 16 1/2, but I want to set the goal. We would not really think to retire here, but somewhere cheaper. Tennessee sounds appealing, but I am open and it is still far away. Likely we would try to keep a EU residence and a USA residence.
I feel we are behind the ball on saving enough to retire in 15 years. I see people posting about living on $36,000 a year during retirement. That is what my child's day care costs. So if I can find a place where I can live on that, I would be delighted.
I am seeking advice on:
1. To have a middle class retired life in the US, what amount of monthly income do I need to plan on?
2. Is there an index somewhere showing average annual income by state along with a indicator what that income would provide for (eg. 36k in Tennessee would certainly afford better life than 50k Ny city)?
I do not plan on SS so expect to use pension as lump sum withdrawal upon retiring combined with capital gains from selling home in Zurich (hope for estimated 300k) and additional savings to finance retirement.
Any other advice to help out this late starter?