Nothing new here but please indulge me

[Independent]

question
if you had to chose between having lots of free time between age 50-70 or being broke between ages 70-90
which would you chose
sorry if question is morbid

Nice approach, though I think the wording should be "having no free time between 50 and 70 or being broke between 70 and 90".

My dad retired at 64 and died at 75, he maybe should have retired sooner. But, my mom went on to be very much alive to 95, and I'm sure she was happier because she didn't have to worry a lot about money.

If I were in your shoes, that 2 year old daughter would be a strong pull to get out of the paid workforce. It wouldn't be just "free time", it would be "time to raise my kid". If I thought I had a good shot at going back part time at something decent after she's in school, I'm pretty sure I'd be looking for the buyer for the business. But that's my personality.

 

[jakester]

Thank you. That is very much on my mind. Work makes one tired too. I want to have time and energy with her.

 

[Katsmeow]

Katsmeow
sounds great and CONGRATS!!!!!!
What amount of money do you think is absolutely necassary to have ( i know there are varying circumstances) ?
.

I do think it is so variable that you can't generalize. Part of it is personal preference. That is, I have a much higher computer budget than most people because I like high end gaming computers. But my travel budget is a lot lower than others.

In your case, you need to think about a couple of factors. First, is health insurance? What is it going to cost for health insurance for you and your daughter? Even if healthy now, you don't know what will happen in future.

Costs related to raising your daughter. We have had some very expensive costs related to our children. One of my sons needed to attend an expensive therapeutic school. It was very helpful for him (he starts college in the fall) but it and other needs of his were really quite crushingly expensive. And when he was two I had no clue that those needs would be there.

The point is that children are well unpredictable. It is much easier to model your future spending needs than it is to know what they will be related to your child.