Anyone in the age group of 30-39?

[saltydog]

We are 33 this year, two kids, one more on the way very shortly. NW at 225K inculdes three college savings plans. Currently saving 37% of pre-tax for all needs, not just retirement. Don't have a house or mortgage (in the military). Would like to call it quits about 50 and head to the woods, enjoy nature and a tranquil lifestyle spending time working with worthy causes.

 

[SaveSome]

I'm 35 and DW is 34. We plan to fire around 40 or so; we aim to be bare bones FI in about a year. NW including home about $900k. A bit more than $500k in investments. We're relying more on savings than returns, but the market will no doubt impact our plans. We'll move when we FIRE.

I'll add that as we've started to make more progress to our goal, work doesn't seem as bad. If that continues, perhaps we'll build a bigger cushion - but not too much.

 

[simple girl]

I'm 38, DH is 42.  Net worth is ~ $500K (includes ~ $70K in home equity, rest is in 401K's, Roth IRA's, taxable accounts, and CD's). 

We'd love to retire in about 8 years.  1.5M is our target.  Right now we are putting away around $50K per year. 

Where to live?  that is the BIG question for us.  We've thought about retiring abroad to live cheaper.  We've thought about buying a lake property now, renting it and retiring into it later.  Tossing lots of ideas around but can't seem to decide. 

The other big question is of course how to cover health care premiums...not truly knowing what they will be by the time we are 50.

 

[dasinsin]

I am 30yo, single man in east Asia. My net asset is around USD90K and estimate to increase USD15K-20K every year.
It is much cheaper to live in Asia. My target ER age is 41yo and I plan to move to China to learn Chinese traditional medicine with USD15K annual expense. :

 

[rayakasun]

Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun

 

[simple girl]

Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun

Nope, no children here.  Decided not to have kids a few years back.  Definitely makes it easier to save $$$.

Lorraine

 

[Nords]

I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.

We had our daughter when I was 32 and spouse was 31.

She'll be 14 next month, and in terms of lost sleep we're both around 175 years old. But at least she only wakes us up about once a month now.

Whether you start a new family or keep your current one, you probably shouldn't base your child-bearing decisions on how it'll affect your ER. Not being able to afford a kid is one thing, but not wanting to delay your ER is quite another.

 

[azanon]

I'm 34, wife is 32.   Our net worth is $250K (including home equity and all loans).

I plan to retire along with my wife at 58 when i'm eligible for full Federal FERS retirement.  I'm saving currently approximately 24K/year specifically for retirement funnelled into maxing Roth IRAs as well as my TSP (currently set at 18% of gross plus 5% match on top of that).  We're double income, with one kid.   I'm a GS-12 biologist (hoping to be GS-13 in a month), and my wife is a licensed certified social worker.

Our jobs are relatively low hours/stress so i'm not in such a hurry to retire early.  I have always been fasciniated by the power of saving and compounded growth though, and the tremendous opportunities afforded by retirement vehicles.  Though i consider myself an optimist, I do appreciate the peace of mind that comes from saving above the typical American levels.

We plan on retiring in Arkansas where my extended family resides.

Azanon

 

[sailor]

Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

Sailors here. Second kid on the way. The savings went down due to DW working only part time and paying for child care. We still manage to save probably around $50k a year (we probably took a $25k "hit" with the first child, we'll see how much more we spent on two).

 

[Calgary_Girl]

Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun

Have a daughter that's almost 6 months old and plan on having one more down the road. Even with the new addition we manage to save quite a bit every month (refer to my original post). Having her was well worth it even if it does delay our retirement

 

[brewer12345]

Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun

Two kids for us. We benefitted from socking it away like crazy before the kids came, and getting our various graduate degrees and designations done mostly prior to their arrival. We save less now than we used to, since kids cost money and DW only works occasionally (self-employed), but my earnings have increased tremendously, which makes it easier to save.

 

[MikeK]

Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun

I have two kids, ages 6 and 7. I'm 39 and wife is 38. Net worth is $2.3M.

Key is a) having a good income, b) investing early, c) spending less than you make and d) getting lucky once in a while. In my experience (c) is the most important factor in building wealth.

Kids are expensive but they're worth it. You could retire younger without kids; but the memories last a lifetime.

I could retire today but love my job. There's also the major concern about healthcare costs. Going to work for at least another 5 years.

Mike

 

[Jay_Gatsby]

I have two kids, ages 6 and 7. I'm 39 and wife is 38. Net worth is $2.3M.

Key is a) having a good income, b) investing early, c) spending less than you make and d) getting lucky once in a while. In my experience (c) is the most important factor in building wealth.

Kids are expensive but they're worth it. You could retire younger without kids; but the memories last a lifetime.

I could retire today but love my job. There's also the major concern about healthcare costs. Going to work for at least another 5 years.

Mike

Holy crap. $2.3 million in your 30s It sounds more like (d) was the most important factor. LBYM doesn't get you that kind of money so quickly.

 

[Mr._johngalt]

Holy crap.   $2.3 million in your 30s  It sounds more like (d) was the most important factor.  LBYM doesn't get you that kind of money so quickly.

For many years (d) was pretty important to me.

JG

 

[bongo2]

I have five children.  I've been fortunate enough to make enough money that I can still entertain FIRE thoughts while keeping up a middle-class lifestyle, but I may be deluding myself.  I'm especially nervous about how much our costs will increase over the next 10-20 years (my kids are all < eight).  While I do spend more than I'd like, and live in the 'burbs, and drive two cars and all that, I am far more frugal than some of my neighbors who seem to renovate or get a new "toy" on a regular basis.

Even more than the earnings, my best luck is that my wife and I must have missed out on the envy gene.  I could have spent $100k+ re-lanscaping and putting in a pool like my neighbor did this summer, but why on earth would I?

 

[cube_rat]

NM

 

[rs0460a]

No - I would not want to be that young, again... 

- Ron

 

[Nords]

No - I would not want to be that young, again... 

If medical science could put your current brain & experience in the body of a 30-year-old, how much would you be willing to pay?

 

[MasterBlaster]

No - I would not want to be that young, again... 

I agree, Life is so much better now. There really is something to the "Life begins at forty" saying.

When I was in my twenties and thirties I was too insecure, too concerned about getting ahead, and worried too much about what others might think of me. What was I thinking ?

 

[rs0460a]

If medical science could put your current brain & experience in the body of a 30-year-old, how much would you be willing to pay?

My brain would remember the emotional turmoil I have had in the past - no thanks (too painful).  In my case (which is certainly not true for everybody, and I understand that), "the best is yet to come".  I have no problem with who I am, in my current physical body.  Actually, being diagnosed as diabetic in my early 50's (currently managed by diet and excercise - no drugs) I'm actually in better physical shape than I was at 30.  I guess I have a "classic car body" with a new high-performance "engine" (vroom...) 

- Ron

 

[Mwsinron]

No kids. My wife and I are too selfish for that.

 

[Lusitan]

I'm 31 and my wife is 30, first kid on the way in a couple months. Net worth is around 300K including real estate equity.

My plan is to continue to work hard, save, and LBYM for the next 5-10 years - by then I hope to reach "bare bones FI".

Then I plan on scaling back and working less (maybe in a different career or my own business) for another 5-10 years, or as long as I feel like it. The key would be to only work if I want to, not because I need to.

Right now the plan is to split our living in retirement between Europe and the US, because our familes are on different sides of the Atlantic.

 

[scrubradio]

I am 35. I am here to get a game plan. Goals are to get
set up for 'barebones retirement' and work my way up.

I got fed up with trying to live how everyone else thinks that
I should and am now cutting my own path.

Currently shaving the budget down to get below means
while paying off all existing debt. I decided that I don't want
to be like the "Jones's" and that I have more than enough
to be satisfied.

I simply have stopped waiting and hoping for something to
change and started taking a proactive stance toward learning
about finances and investing for the future.

A little late to the game but still playing.

 

[Lusitan]

Better late than never, scrubradio - and most Americans seem to be taking the "never" approach so you're already ahead of the game. I have learned a lot from the members of this community, and through many of the book recommendations that I 've picked up along the way (the public library is a great tool).

 

[erdoc]

I am 38 and DW is 36. We have 2 small children and NO plans for more. We both work and have total NW of 1.2M including equity in our primary and rental properties. I must admit that at least a quarter of this came from our families and inheritance. Also with my current job I get 44k/yr tax deferred into Keogh plan and we contribute 15% take home to education and after tax brokerage. I will probably work until 55 or so but no real plans yet. I enjoy my job, I just don't want to do quite as many hours as I now do.