Cloverissweet
Confused about dryer sheets
- Joined
- Feb 4, 2013
- Messages
- 9
I am 27 and have 150K in retirement (401K & Roth).
If I quit my job now and only to the Roth IRA (max allowance) for the next 40 years, can I still retire well?
Thanks
I plan to retire (tap into that money) in 40 years. During the mean time, we will live on a single income (I may stay home with my children). I wonder if the amount above can grow into something meaningful. I think as long as I can tap 40-50K from that amount per year I am happy. Once I tap into that amount, it will be for about 15 years. Let say if my fiance divorce me in the future, I wonder, if I can still retired well, even though if I was a stay at home mom.
Current situation:
175K house paided off
150K (about 100K in 401K and 50K in Roth)
20K Emergency savings
No debt
Will continue to max out the Roth IRA (spousal) even if I quit my job
Fiance
140K Retirement
20K Emergency saving
No Debt
He will continue to max out his 401K & 457 (about 35K/year for the next 20 years)
He will continue to max out his Roth IRA (for the next 20 year)
This is assuming worst case scenario. I can't imagine not working another day the rest of my life after 28 years old. But still, I wonder if this was to happen, can I live on 150K +Roth IRA yearly that will grow into something.
Retired well to me means 40K - 50K a year income
If I quit my job now and only to the Roth IRA (max allowance) for the next 40 years, can I still retire well?
Thanks
I plan to retire (tap into that money) in 40 years. During the mean time, we will live on a single income (I may stay home with my children). I wonder if the amount above can grow into something meaningful. I think as long as I can tap 40-50K from that amount per year I am happy. Once I tap into that amount, it will be for about 15 years. Let say if my fiance divorce me in the future, I wonder, if I can still retired well, even though if I was a stay at home mom.
Current situation:
175K house paided off
150K (about 100K in 401K and 50K in Roth)
20K Emergency savings
No debt
Will continue to max out the Roth IRA (spousal) even if I quit my job
Fiance
140K Retirement
20K Emergency saving
No Debt
He will continue to max out his 401K & 457 (about 35K/year for the next 20 years)
He will continue to max out his Roth IRA (for the next 20 year)
This is assuming worst case scenario. I can't imagine not working another day the rest of my life after 28 years old. But still, I wonder if this was to happen, can I live on 150K +Roth IRA yearly that will grow into something.
Retired well to me means 40K - 50K a year income
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