wwhmustaine
Confused about dryer sheets
... to do what i can to move up my retirement date.
i'm 46, and have been practicing law for 18 years. my initial plan was to work 40 years, and retire in 2036. (11/12/36, to be exact, as i started working on 11/12/96.) however, the last few months i've been perusing this site and in reading some of your stories, have been compelled to "up the ante" so to speak.
i have maybe $100k in home equity, roughly $230k in retirement savings (401k, IRA, roth) and am maxing out my employer-sponsored 401k plan. in fact, i'm contributing roughly $2,000 a month, which means i'm maxing it out in a little under 9 months. hopefully i'll be able to add a little more each year. it's rough math, but the model i'm using gives me $1,000 of monthly income for about every $350k saved. i was initially aiming for about $2.25M of retirement assets as the goal. of course, it'd be nice if SS is still around (and in its current form) when i am able to take advantage of it. also, i should get a nice inheritance from my mother/stepfather, though hopefully that's a long ways off.
i'm married with 3 kids, with the youngest being just a little over a year old. of course, this means she'll be getting out of college at about the same time i was planning on clocking out, but -- barring any huge surprises or setbacks -- hopefully i'll be able to get out early. looking through these threads, i know it's at least possible.
and even if i don't retire "early," at least i have something to shoot for. i just want to have enough time to enjoy the fruits of my labor, and be healthy/active enough to take advantage.
anyway, thanks for the inspiration.
i'm 46, and have been practicing law for 18 years. my initial plan was to work 40 years, and retire in 2036. (11/12/36, to be exact, as i started working on 11/12/96.) however, the last few months i've been perusing this site and in reading some of your stories, have been compelled to "up the ante" so to speak.
i have maybe $100k in home equity, roughly $230k in retirement savings (401k, IRA, roth) and am maxing out my employer-sponsored 401k plan. in fact, i'm contributing roughly $2,000 a month, which means i'm maxing it out in a little under 9 months. hopefully i'll be able to add a little more each year. it's rough math, but the model i'm using gives me $1,000 of monthly income for about every $350k saved. i was initially aiming for about $2.25M of retirement assets as the goal. of course, it'd be nice if SS is still around (and in its current form) when i am able to take advantage of it. also, i should get a nice inheritance from my mother/stepfather, though hopefully that's a long ways off.
i'm married with 3 kids, with the youngest being just a little over a year old. of course, this means she'll be getting out of college at about the same time i was planning on clocking out, but -- barring any huge surprises or setbacks -- hopefully i'll be able to get out early. looking through these threads, i know it's at least possible.
and even if i don't retire "early," at least i have something to shoot for. i just want to have enough time to enjoy the fruits of my labor, and be healthy/active enough to take advantage.
anyway, thanks for the inspiration.