My wife is having twins!

[jIMOh]

WOW... we have been trying for years to get pregnant, and when it finally happened, we got two for the price of one!

 

[maddythebeagle]

congrats....

 

[brewer12345]

That's great! Congrats.

 

[TexasGal]

Terrific news . . . congrats!

 

[Gumby]

Splendid news! Best wishes to the four of you.

 

[packrat44]

Super news! How many years will the new "expenditures" postpone ER?

 

[bbbamI]

I love hearing good news. Congrats all around!

 

[jIMOh]

Super news! How many years will the new "expenditures" postpone ER?

I don't think it delays it at all.

I am 34, I have about 110k in 401k and another 40k in my Roth. The plan was to drop 401k percentage for me from 11% to 6% when baby comes... that 5% raise covers some of the expenses. Cutting my wife's Roth contributions accounts for much of the other expenses we are expecting.

I will be 52 when babies make college age, and ER age is somewhere between 52 and 54 based on what I calculate based on my savings today, with paying off the house being a bigger factor than how much I have saved.

This does not include wife's 401k (40k) and wifes IRA (10k). Wife will work longer than me- she actually enjoys it.

This does not include my contributions to 401k and Roth between now and then either. My calculations suggest that 160k at age 34 is 320k at 42, 640k at 50 and 1.2 M at 58. 9% return, doubling every 8 years. 1.2 M is close to what I need for retirement based on my current salary.

 

[laurence]

Congrats! We have a 3 year old and a 4 month old at home, we miss sleep. Those first few months will be tough with twins! Well worth it, though!

As far as ER, DW or you might decide you want to stay home at some point though. We did, and while we certainly don't regret her staying home, it has pushed out ER from 45 to 55. Thank goodness we started the investment ball rolling - compounding, we love you!

 

[chinaco]

Congratulations.

 

[Dude]

WOW... we have been trying for years to get pregnant, and when it finally happened, we got two for the price of one!

Congratulations! I have a twin Sister.....I'm her big brother, six minutes older It has been fun to share birthdays thru the years

 

[packrat44]

My calculations suggest that 160k at age 34 is 320k at 42, 640k at 50 and 1.2 M at 58. 9% return, doubling every 8 years. 1.2 M is close to what I need for retirement based on my current salary.

Remember, the Rule of 72 works both ways. At 3% inflation the value of $1.2M in 24 years (34 to 58 ) will be $0.6M. However, you will have added a considerable amount to your portfolio in the process. Having $160K at 34yo is a super start. BTW I was 34yo when my first child was born.

 

[Sandy]

Congrats!!!!

I have twins, so if you have any questions, pm me. There are some nuances that are different.

Don't let anyone give you horror stories - twins are a blast

Do you know yet if they are identical or fraternal?

 

[Kate16]

Congratulations, that's so awesome!

Kate

 

[Beer man]

Congrats!! I have 5yo twin girls and its been a wonderful adventure! If you need any advice feel free to shoot me a message. Look up savingforcollege.com and upromise.com for some help with college financing and 529s. Set up a 529 and have the relatives contribute to that instead of getting two of every stuffed animal, toy and book. The first 6-8 weeks are a whirlwind. Get disposable cameras and set them in every room because cool stuff happens before u can get to the main camera. Take volunteers to do baby laundry, and let mom nap in the afternoon. Assemble everything you'll need for the 1st year before they are born. Clear out the freezer or buy a new one to stuff with frozen dinners for the first several weeks. You won't want to waste time cooking! Gather menus from all the delivery places and other carryout. Get everything lined up right and the 1st 2 months will be the best of your life!

 

[bright eyed]

CONGRATS!

I have friends who have been through the fertility thing and I am very impressed with the commitment, patience etc. it takes to get through it!

2-for-1 is very ER forum worthy! what a deal!

i don't think kids cost that much until/if you have to consider child care/preschool, dance class, kung fu class, music class, soccer team, basketball team, disneyland, jumpee houses for bdays etc...those are just on our short list.

 

[Martha]

My SIL and BIL had twins in their mid 40s. They are both 50 now and have 4 boys still at home!

 

[FinallyRetired]

Congratulations! Maybe you can take advantage of some "2 for the price of 1 discounts." Our kids were spread out too much, I always thought it would have been easier to have had them closer together and deal with issues all at once instead of over and over again

 

[bow-tie]

Twins. Hooey. Congrats and good luck.

I don't know if I can agree with Beer man's assessment that the first two months will be the best of your life. I was a deer in the headlights. It was way tough.... but I wouldn't trade the little turd for anything.

 

[bongo2]

Twins are fabulous. It will be hard work, but you will love it.

The plan was to drop 401k percentage for me from 11% to 6% when baby comes... that 5% raise covers some of the expenses. Cutting my wife's Roth contributions accounts for much of the other expenses we are expecting.

Don't be too quick to cut any tax-advantaged saving. Unless you were cutting expenses to the bone before, you may find that a lack of eating out, drinks with buddies, or whatever other stuff you don't have time for anymore, makes kids not really all that expensive.

 

[Fireup2020]

Congratulations!! Will you find out genders pre-delivery?

 

[Brat]

Congratulations!

One thing I learned when I had two little ones at home: the price of child care in your own home is about the same as two in day care. If you can find a good in-your-home care giver your life will be so much easier.

 

[jIMOh]

Congratulations!

One thing I learned when I had two little ones at home: the price of child care in your own home is about the same as two in day care. If you can find a good in-your-home care giver your life will be so much easier.

Day care for us is $25/day/child, so $250/week. $13k a year is not enough for wife to not work, and I make more than she does- right now. I'd fully expect wife to make more than me in around 10 years- she has more upper management potential.

 

[Sandy]

These next 8 or 9 months will be the longest two years your wife will ever spend!

(This will make sense around month 6-7 when she looks (and feels) ready to deliver, she can't get comfortable, everyone is afraid to get into an elevator with her in case it gets stuck and they have to "assist", and she knows she still has weeks to go).

Many day care providers in this area give a 10% discount for a second child. Be sure to line up the child care well in advance. You and your wife will have a hard enough time leaving the kids - but some of these places are scary. Get references from family and friends, check you state's license and complaint data base, know what licensed refers to (In FL most of the requirements reflect the physical setting and not the quality of care, state mimimum staff ratios are a joke. We also have registered, which only means the person signed up on a list...)

And nothing beats drop in visits so you can see first hand.

The most important item I had was a McClaren side by side stroller - a wonderous piece of engineering - sturdy, mobile, lightweight, a snap to set up and take down --- and pricey - so I found one used and when my brother asked what to get me, I had him make that my gift. I also bought 2 cribs, changing table and dresser used - found 1 crib and changing table at 3 months preg and a 99% look-a-like crib and dresser at 8 months - voila a complete matching room.

Have them share a crib until they are too big to fit safely and comfortably into one.

Keep us posted

 

[jIMOh]

daycare is her SIL. We trust her.

we had one crib, which was bought before we were married. Used for $300 from a co-worker which was moving. Dresser, Changing table, crib and mattress.

Getting a second crib is on our agenda.