New member - 57 and looking to retire Christmas 2020

[ncstevem1]

My wife and I were married later in life (1st for both of us) in 2008. My wife gave birth to our daughter at 47 and I was 52 ! I'm now 57 and recently decided to retire at Christmas 2020.

My wife got an excellent job offer last fall (she's a pediatrician) and received a 50% (+) pay raise with this new job while still working a 4-day week with no weekends or call. She's from Brazil so she had to take a series of exams plus go through residency again so she could practice medicine in the US. She's only been practicing here since the summer of 2017.

She brings home more than 75% of our income now so I've decided to stay home with our daughter. By the time we pay our nanny and the income taxes on my portion of our income - I'm literally working for $18,000/yr which is obviously ridiculous.

The house is paid and we max our retirement accounts which currently have ~$700 K. I figure we'll be able to save $100K (+) per year which will go up to $150 K when my daughter and I start collecting SSI when I turn 62. I found out my daughter will get 50% of my full retirement age benefit until she graduates high school even though I start collecting at 62. Her SSI benefit should pay for most if not all of her college.

I'm hoping we'll have ~ $2.0 - $2.5 M by the time my wife retires. That's the plan anyway.

My question:

I'm a traveling salesman and now that my wife is knocking it down, I'm no longer pushing as hard in my job and it bothers me somewhat. I suppose the thoughts will lessen as I get closer to retiring next year. Any feedback ?

[MBAustin]

Welcome, ncstevem1! Congratulations on making an ER plan even with a late start!

Is there a reason you are waiting a year to retire? If my math is correct, your daughter will start school next fall so your child care expenses should decrease substantially then, so you might want to enjoy this coming year without the nanny?

Regarding "not pushing" at your job, I think it's pretty normal. Do you plan to get a part-time gig for while your daughter is in school, or occupy yourself with domestic duties? Thinking about that in advance might be helpful.

[ncstevem1]

Thanks MB. I decided to work one more year because at 57, I'm not the most patient guy in the room and my daughter will be almost 7 when I finish. I figure she won't need as much help at that point.


Also our nanny is excellent with her and her family really depends on the income we pay her so I look at it as kind of charity for a little while.


Finally, I don't think I'm fully ready to finish since I only came to this decision in the last few weeks. Although I'm really kind of burned out on my job. Thankfully my wife loves what she does so she's happy to continue for the foreseeable future.

[HI Bill]

Annual budget? Hard to know your financial readiness without knowing your annual spend, savings, etc. Sounds like you're well on your way, though!

[gerntz]

Taking care of your daughter is knocking it down in my book. Don't fret & enjoy your girls.

[The Cosmic Avenger]

Raising a child is a full-time job. If you can bring in some money while you're doing it, great, but you worked the numbers and you and your wife made a decision together, don't second-guess yourself. I make considerably less than my partner, but I also am the one who schedules home maintenance/repair appointments and stays home for them, manages the finances, and does other things that require more time and flexibility than a senior manager can usually manage.