I'm dreaming of retirement. I don't want to work till I drop. I've been playing around with some retirement calculators, plugging in numbers and wishful retirement ages and it seems like retiring early...as in 12 years, might be possible with a little downshifting in lifestyle. I'd appreciate some feedback from anyone who has more experience at this than I do. Here are my specifics:
Me: 15% of salary going to 401k, company match 3%.
Wife: 15% going to 403b, receives full pension at age 55, 65% of final average salary.
Combined income $170k. Retirement and other savings: $200k.
House worth $500k, $130k left on mortgage, 11 years remaining.
Plan would be for me to retire after the mortgage is paid off in 12 years (age 50), wife would continue to work for 7 more years until age 55 when she can take her pension. We would travel during her 10-week summer breaks. I don't think we'd need to dip into any savings until that time. At 62, we could tap into SS if it's still around, figure $1k/mth for me and $1,300/mth for her.
Assuming she was ok with me retiring earlier than her, how feasible is this plan? With no mortgage, we'd have property taxes to pay as well as typical household and standard living expenses which I estimate to be about $5000/month total in todays dollars.
Doable? What am I missing?
Me: 15% of salary going to 401k, company match 3%.
Wife: 15% going to 403b, receives full pension at age 55, 65% of final average salary.
Combined income $170k. Retirement and other savings: $200k.
House worth $500k, $130k left on mortgage, 11 years remaining.
Plan would be for me to retire after the mortgage is paid off in 12 years (age 50), wife would continue to work for 7 more years until age 55 when she can take her pension. We would travel during her 10-week summer breaks. I don't think we'd need to dip into any savings until that time. At 62, we could tap into SS if it's still around, figure $1k/mth for me and $1,300/mth for her.
Assuming she was ok with me retiring earlier than her, how feasible is this plan? With no mortgage, we'd have property taxes to pay as well as typical household and standard living expenses which I estimate to be about $5000/month total in todays dollars.
Doable? What am I missing?
) her pension at 65% of final income along with yours would appear to meet most of your expenses assuming they will increase with inflation, that would put them at about (mental math here) $83k/year in 12 years. It looks like you make up the difference in DBPs with your 401(k) and 403(b) accounts. Like () said, you might want to kick up the risk a bit to get a better long term return than 5%. You will need this stash for many years to come and it needs to grow better than inflation or you are going backwards. 
