Anyone in the age group of 30-39?

[Andre1969]

I'm 36, single, have about $330K saved up in various accounts, and I'm 1/3 owner in a house that I owe about $85,000 on, and in today's market is probably worth about $600K.

I've been maxing out my 401k lately, and doing the Roth IRA thing. I had been putting in $1300 per month into mutual funds on top of that, but I'll probably have to cut that back as I'm starting to get a little cash-strapped with some home projects that are coming up.

Right now my goal is to be retired by the time I'm 45. Earlier would be nicer.

As for where I want to move when I retire, I honestly have no idea. Part of me would like to stay where I'm at, but once I don't have to work anymore and most of my older relatives in the area have passed on, I'll probably go on to someplace cheaper and less crowded than the Maryland suburbs. But I really haven't given much thought to where. One thing I like about where I am is that I'm close to DC, Baltimore, and Annapolis, but looking out my front door it looks like you're out in the middle of nowhere. Well, if you ignore the spot where the road goes from a 30 foot right of way to 90, and the McMansion orchard off in the distance. :

 

[Sarah in SC]

35, DH is 43. Plan is for him to quit at 50, then me at 50. We'll stay here in Charleston but plan to do a good bit of RV and boat travel.
We have about $100k in retirement (401ks & IRAs) and will have the house pd off in 5 yrs (worth maybe $450k). We are saving about 50% now, but got a late start thanks to a lot of fun in the past 15 years that I do not regret.
Sarah

 

[Mwsinron]

Im almost 34. DW is older  We are on track to retire in 2010 -2013 . Basically if nothing terrible happens and the market does 0% or better we should retire in that time frame. Of course you cant predict what will happen but then again it beats not planning at all Obviously any kind of long term bear market will change that!

 

[laurence]

31 (for 17 more days!) DW is 30, our net worth is ~$375k BUT over $250k of that is home equity, so measure that how you want. We have three scenarios for ER, one has us out when I'm 45 (very optimistic) one has us out when I'm 50 (doable) and one has us out when I'm 55 (worst case scenario - the house will have been paid off for 6 years at that point).

 

[maddythebeagle]

Remember, this board is filled with the top 5% in terms of drive, education, luck, and/or street smarts.

Good statement....I think that pretty much sums it up.....

 

[bow-tie]

I turned 30 this year and so will DW.
Our NW is just north of 275k, and we're trying to be diligent with our savings.  Would love to chuck it all at 40, but it's hard to say, with youngins, the market, and the constant issue with the health insurance industry.  Maybe we just work part-time... hard to say at this point.  But it doesn't stop me from kicking it around in my mind a lot.

Savings give you options... and in my mind, that is what is important.

 

[kaudrey]

At what age are you planning to retire?

What is your retirement plan and how is your net worth today?

Where are you planning to retire?

I am 37.

I plan to retire at 52 and my current NW is about $700K.

Probably a small town in NH.

Karen

 

[Mwsinron]

Oh the planning where to retire part. Well not in California. We will sell the house make a nice profit and move someplace that isnt quite as expensive. I know everyone gripes about Californias moving to their state but look at our housing prices you can tell why! :

 

[scrood]

I'm 38 and my old lady is 35...I hope to exit this game at 50.

scrood

 

[BigMoneyJim]

I'm 36. I'd love to retire before 50, but last time I did some realistic forecasting 50 is highly optimistic and 55 isn't guaranteed. Maybe by the time I get there 60 will be "early".

Plus I'm not married and may want a wife & kids, so there are too many things that could happen between now and then to even "plan" on retiring at a particular age.

 

[laurence]

BMJ, can I set you up with my cousin?

 

[virginia]

I'm 34, and hope to retire at about 45. I have about $200K in the bank (thanks to a big profit on a home sale), and save about $1400/mo. I will retire probably in Va, but would like to travel LOTS during retirement.

 

[BigMoneyJim]

BMJ, can I set you up with my cousin?

Sure, send a photo...of her retirement account statements.

She doesn't mind that I have no job and live with my mom, does she? (Both true but temporary.)

 

[BunsGettingFirm]

Sure, send a photo...of her retirement account statements.

She doesn't mind that I have no job and live with my mom, does she? (Both true but temporary.)

Ah, you'll never hear from Laurence or his sister again.

Let's try to phrase your situation differently. Currently independently employed as a consultant. Housing situation: non-traditional. Looking to expand into diverse areas of business. See, same crap, much better wrapping.

 

[laurence]

Eh, you would thank me for setting you up with high velocity lead projectiles. High maintenance is putting it lightly. She's six feet tall and pretty rockin' (it's my wife's cousin, not mine, so I'm allowed to say that), but she's a single mom (to a cute little girl a little older than Tori), negative net worth, can't settle on a career path in her late 20's.

....but she really likes older men!

 

[Gone4Good]

I'm 35. The current plan is to call it quits in March 2009, a couple months shy of my 38th birthday. Depending on how I feel in 2009, I could push it back one more year for added security and flexibility. That assumes my job lasts that long. There is a real possibility my department will go kaput before March 2009. In that case I may downsize and semi-retire somewhat early.

 

[chrisdut]

I am 37 and plan to retire at 52. Plan is to continue to max out simple IRA and invest after tax profits from my business into a taxable account. Current net worth is about 850k. Have no idea where I will locate when I retire.

 

[canent]

Hopefully by 55 at the latest (DH is 36 and I'm 34).

We currently max out our retirement plans and also save an additional $3,500/month in taxable accounts (current balance about $600K between retirement and taxable accounts).  Our net worth broke the magical psychological barrier of $1 million a few months ago (whoo hoo!) and is currently about $1.1 million (includes the house).

We live in Calgary and we plan on staying here.  We'll most likely downsize and travel in the winter to warmer climates.

Wow! I really impressed...I'm in my early 30s as well and it looks like I have some work to do to reach your level.

On a side note - how much does the value of your house factor into when you retire? I know that Calgary and Edmonton house prices are high now (Calgary moreso I think) - will a drop in prices affect you much? I'm kind of in the same boat in terms of housing and am just wondering how other consider it in their ER plans.

 

[ptolemy]

My wife (40) and I (39) live in Wellington, New Zealand. We own our own house with no mortgage and have about NZ$400k saved in retirement savings.

My wife decided to return to study early childhood teaching 2 years ago, she has two years to go. Once she has finished we plan to move to Hawkes Bay, which is a beautiful wine region on the East Coast of the North Island.

The long term plan is to open a childcare centre with my wife as head teacher and for me to run the administration and business. I don't plan to do any other work so I guess I will be semi retired at that point - that's if I don't get bored.

We have purchased a piece of beach front land further up the coast and plan to build a beach house there so that will keep me occupied for a couple of years anyway.

All going well we will both retire fully in our mid fifties - I don't know what we would do with ourselves all day before then - our kids should be leaving home about then.

 

[FinanceDude]

Eh, you would thank me for setting you up with high velocity lead projectiles. High maintenance is putting it lightly.  She's six feet tall and pretty rockin' (it's my wife's cousin, not mine, so I'm allowed to say that), but she's a single mom (to a cute little girl a little older than Tori), negative net worth, can't settle on a career path in her late 20's.
....but she really likes older men!

Sounds perfect for me.........I'm 6'3".............but I don't think she and my wife would hit it off..........

 

[saverspender]

Hubby is 39 and I'm 37. NW is approx $600k includes the equities of homes. I plan to work PT next year and eventually concentrate on RE business which I really enjoy and spend more time with our 2 kids.  Our plan is to stop working in 2018 - 12 years - hopefully one kid out of college.  I enjoy business/making money so I don't know how I can stop working?
As far as retirement area, I plan to stay in California where all my loved ones are.

 

[RETIRE_TINGLE!]

I am 35 (single) with a net worth of 770k minus home equity.  If I add in Home Equity I am about 890k.  I don't save aggressively as a lot of you, but I manage to put away about 1700 per month across my 401k, Roth IRA and after Tax Saving.  With matching funds and profit sharing my company puts about 10k a year away for me.

My plan is to quit current gig in in another 4 years or so.  At that time I would like to work in another field or potentially flip a couple of houes a year for my expenses.  I live in CA so until my townhome is paid off I wouldn't consider myself "retired".  I have been kicking around the idea of buying a place in Idaho for the summers and wintering in CA...still very much up in the air.  If start flipping houses will probably be out of state.  My plan for benefits is to have cash flow rentals to pay for benefits.

 

[vt74]

32, DW is 31. DW has not worked since Feb. 1/05 and may not return to the workforce.

I plan to be semi-retired in 3 years and have the option to fully retire in 6 yrs at 38yrs old.

I can only do this because I own 9 rental units which will be fully paid in 6 years.

 

[vt74]

I should add that I do not have a mortgage or any debts, except for the rental properties.

 

[mudbuddha]

Hello there,

DW is 30 and me 31. Plan to ER at no later than 50 if we don't have kids. Our net worth is conservatively estimate at $330K with the current house equity. We are on track to increase our net worth to $500K in 5 years and $1M+ in the next 10-15 years. We have no kids for now and are planning for one so may be that'll push us back to 55 at the very latest, but that's still not too bad.

For those with $1M+ in net worth and are in this age group, Wow, congrats! That's a great milestone to achieve.


Duke