PrayforSurf
Confused about dryer sheets
- Joined
- Feb 8, 2012
- Messages
- 6
Hello, I found the early retirement.org forum about a week ago while searching for information on retirement in Hawaii. I have enjoyed reading through the forum immensely and I am learning a lot. Here is some basic information about me:
1. I am 40 years old, married, with 4 children from ages 13 to 2.
2. I am an active duty Army captain with 22 years of service (prior enlisted) and my wife is currently in nursing school.
3. Assets:
a. TSP and T IRA: $60,000
b. Roth IRA: $22,000
c. Taxable investments: $105,000
d. 20 ac Land (will probably sell before retirement): $30,000
e. Equity in home: $80,000
4. Debt:
a. Home: $330,000 (30yr at 4.375%)
b. Cars: $30,000 (5yr at 3.25%)
5. Kids all have 529s ranging from 20k for the 13yo to 1k for the 2yo that we contribute to monthly along with their grandparents.
6. We currently spend about $6000/mo and save $2000/mo (into TSP then Roth then taxable, plan to start the Roth TSP when its rolled out)
All of my investments are stock based mutual funds. I also have an emergency fund of around 10k in cash. My current plan is to retire/ semi-retire in 8 years. I will be eligible for military retirement with 75% of O-4 pay at that time (estimated about $5400/mo after SBP premiums are taken out). I should have around 550k not counting my home equity (with my current savings plus what I save every month estimating a 5% return to be conservative). My wife and I would love to sell everything and move to Hawaii with the kids (still don’t have an exact location but we love the islands). My wife and I would try and retire and enjoy the kids and the outdoors or semi retire and work part time or seasonally if needed/ wanted. I am going to do my best to get an assignment in Hawaii as my final job, but no guarantees.
PS: I am also almost finished with the Military Guide to Financial Independence and Retirement. A great book that has given me confidence that early retirement may be a possibility. My thanks to Doug Nordman and the rest of the contributors on this forum!
1. I am 40 years old, married, with 4 children from ages 13 to 2.
2. I am an active duty Army captain with 22 years of service (prior enlisted) and my wife is currently in nursing school.
3. Assets:
a. TSP and T IRA: $60,000
b. Roth IRA: $22,000
c. Taxable investments: $105,000
d. 20 ac Land (will probably sell before retirement): $30,000
e. Equity in home: $80,000
4. Debt:
a. Home: $330,000 (30yr at 4.375%)
b. Cars: $30,000 (5yr at 3.25%)
5. Kids all have 529s ranging from 20k for the 13yo to 1k for the 2yo that we contribute to monthly along with their grandparents.
6. We currently spend about $6000/mo and save $2000/mo (into TSP then Roth then taxable, plan to start the Roth TSP when its rolled out)
All of my investments are stock based mutual funds. I also have an emergency fund of around 10k in cash. My current plan is to retire/ semi-retire in 8 years. I will be eligible for military retirement with 75% of O-4 pay at that time (estimated about $5400/mo after SBP premiums are taken out). I should have around 550k not counting my home equity (with my current savings plus what I save every month estimating a 5% return to be conservative). My wife and I would love to sell everything and move to Hawaii with the kids (still don’t have an exact location but we love the islands). My wife and I would try and retire and enjoy the kids and the outdoors or semi retire and work part time or seasonally if needed/ wanted. I am going to do my best to get an assignment in Hawaii as my final job, but no guarantees.
PS: I am also almost finished with the Military Guide to Financial Independence and Retirement. A great book that has given me confidence that early retirement may be a possibility. My thanks to Doug Nordman and the rest of the contributors on this forum!