May-December marriage and ER
Hi everyone - I have been reading your posts and learning a lot! It's nice to hear about ER from so many different perspectives. However, I haven't found much info, here or elsewhere, on retirement issues when spouses have a large age difference and the younger will still be working.
I am 33, DH a young 53, DS 14, DD 2.
Our goal is for DH to semi-retire in 4 years. He would like a lower stress PT job, not too hard to find in his field. In 4 years DS will graduate HS and DD will be in school (no more childcare expense). We have separate college savings so that is covered. I work PT with benefits, and hope to be at the same job; otherwise I would probably need FT work to get same pay/benefits.
I am still in the process of running various scenarios on FIREcalc.
Assuming DH works 5 years of ER at 1/3 salary, that I will have health insurance for us all through my job, and that I will work until 55 at my current savings rate, it looks like we will be ready for the change in 4 years.
If my earnings increase above inflation then I will save more and ER before 55 myself! Living to 85/90 is the norm in both our families.
Before I came along, DH planned to semi-retire after DS finished HS. When we had DD, DH assumed he would be working FT much longer. I really want him to be able to cut back - he will be 57 - he deserves it! Seems we make less than many here (combined income 90k/yr), but we LBYM and have similar save/spend philosophies. We are fairly frugal, but do spend on things we want, like date nights and vacations.
We still have to work out our financial strategy once in ER - I will have to read up on Lucia's buckets - and decide if we want to pay off the mortgage.
Regarding daily life with one spouse retired, I don't think that will be too much of a problem. Hopefully I will be working PT and have plenty of time to spend with DH. Also DH wants to increase his volunteer/political activities. And he will have more time to camp with the kids!
I don't have a specific question, just wondering if anyone else has been in a similar situation or has any advise to share. Thanks!