Just spent the last 20 minutes or so going over my previous posts. It's amazing to see how much stuff has changed over the past dozen years or so. It's rewarding to see how my plan has pretty much come together with disciplined savings.
Anyway... as always... I'm doing this mostly for myself, but am interested in any feedback people have.
Wife (47) and I (45) teach in public schools. I've been teaching for 22 years and bought 5 additional years service towards my retirement... so I have 27 years of service in the public school system in my state. Our combined annual income is still around $165,000. We have 3 kids (17, 16, and 11).
Our only debt is around $40,000 left on the mortgage (10 year fixed at 3%) that will be paid off in around 2 years if we keep adding extra to the principal at the current clip. We plan on staying in our current house after retiring.
Rainy Day fund in bank (Money Market) totaling roughly $30,000.
Non Retirement investments (Mutual Funds) totaling roughly $160,000.
403b investments totaling $700,000
Roth IRA investments totaling $360,000
So... our investments (Roth, 403b, regular mutual funds) total $1,220,000.
Our kids educations and saving for their futures are not a consideration any longer. After running the #s, We are confident that we have saved enough in separate accounts not listed here for them to attend any public , 4 year university that they can get into plus be able to start their lives comfortably.
We are still currently contributing:
$10,000 a year total to our 2 Roth IRA's
$17,000 a year total to our 403b accounts
For me, the plan remains to retire at 48 years old. That's when I'll be eligible (as long as things remain how they are now) for an annual pension (45% of my salary at the time), and won't have any more house payments to worry about. My wife will not be eligible to retire with a full pension until 3 years after I intend to retire. For the 3 years she stays working, we will still receive full benefits. After she retires, we will have to start contributing to our health care costs.
Anyway... as always... I'm doing this mostly for myself, but am interested in any feedback people have.
Wife (47) and I (45) teach in public schools. I've been teaching for 22 years and bought 5 additional years service towards my retirement... so I have 27 years of service in the public school system in my state. Our combined annual income is still around $165,000. We have 3 kids (17, 16, and 11).
Our only debt is around $40,000 left on the mortgage (10 year fixed at 3%) that will be paid off in around 2 years if we keep adding extra to the principal at the current clip. We plan on staying in our current house after retiring.
Rainy Day fund in bank (Money Market) totaling roughly $30,000.
Non Retirement investments (Mutual Funds) totaling roughly $160,000.
403b investments totaling $700,000
Roth IRA investments totaling $360,000
So... our investments (Roth, 403b, regular mutual funds) total $1,220,000.
Our kids educations and saving for their futures are not a consideration any longer. After running the #s, We are confident that we have saved enough in separate accounts not listed here for them to attend any public , 4 year university that they can get into plus be able to start their lives comfortably.
We are still currently contributing:
$10,000 a year total to our 2 Roth IRA's
$17,000 a year total to our 403b accounts
For me, the plan remains to retire at 48 years old. That's when I'll be eligible (as long as things remain how they are now) for an annual pension (45% of my salary at the time), and won't have any more house payments to worry about. My wife will not be eligible to retire with a full pension until 3 years after I intend to retire. For the 3 years she stays working, we will still receive full benefits. After she retires, we will have to start contributing to our health care costs.