Hi, everyone! Lately, my DH's eyes start to glaze over when I have some new budget tidbit to tell him, so I thought for the sake of a healthy marriage I should join a community where everyone likes to talk about their numbers and plans. He's on board with our plans, just not as interested in the details as I am. Our info:
Me: 36, freelance musician, minuscule income but I run the household, finances, etc.
DH: 37, O-4 in the Army with 12 years completed
No children, and we expect to stay that way
Currently, our plan is to retire in 2014, when I'm 51 and DH is 52. At that point, he'll have 26 years in the Army and the pension projects to be right around what he's making right now. Our health care costs will be low because we can stay with Tricare. Right now we're saving for the house we'll buy at retirement. We're currently under water on a condo DH bought in northern VA before we were married. We rent it out but we're hoping to sell it in about 5 years, which projects to be when we'll break even. DH has $29k in his TSP, I have $27k in a Roth IRA and $16k in TSP from when I was in the service, which I'm in the process of converting over to a Roth. We have $33k in our Vanguard brokerage account, which is the future house nest egg. We also have EE bonds that would net us around $11k if we cashed them in today; we're planning to use some of the bond money to renovate the condo before we sell it.
I have run the numbers so many different ways to try to plan for various market returns, but of course that is the great unknown. I love to play with all of my spreadsheets and right now everything is on track. We're planning to put away a minimum of $12k/year towards the house fund for the next 6 years, and then we'll raise it to $24k/year (when DH expects to make O-5 and after the sale of the condo).
Sorry if this went on too long! I'm obsessed with all of this lately and am really enjoying reading all the forums on this site.
Me: 36, freelance musician, minuscule income but I run the household, finances, etc.
DH: 37, O-4 in the Army with 12 years completed
No children, and we expect to stay that way
Currently, our plan is to retire in 2014, when I'm 51 and DH is 52. At that point, he'll have 26 years in the Army and the pension projects to be right around what he's making right now. Our health care costs will be low because we can stay with Tricare. Right now we're saving for the house we'll buy at retirement. We're currently under water on a condo DH bought in northern VA before we were married. We rent it out but we're hoping to sell it in about 5 years, which projects to be when we'll break even. DH has $29k in his TSP, I have $27k in a Roth IRA and $16k in TSP from when I was in the service, which I'm in the process of converting over to a Roth. We have $33k in our Vanguard brokerage account, which is the future house nest egg. We also have EE bonds that would net us around $11k if we cashed them in today; we're planning to use some of the bond money to renovate the condo before we sell it.
I have run the numbers so many different ways to try to plan for various market returns, but of course that is the great unknown. I love to play with all of my spreadsheets and right now everything is on track. We're planning to put away a minimum of $12k/year towards the house fund for the next 6 years, and then we'll raise it to $24k/year (when DH expects to make O-5 and after the sale of the condo).
Sorry if this went on too long! I'm obsessed with all of this lately and am really enjoying reading all the forums on this site.