BigDreamer1
Confused about dryer sheets
- Joined
- Feb 12, 2015
- Messages
- 3
Married and age 29. All values below are combined for my spouse and I.
Expenses
$4200/mo. I have tracked this over the course of a couple years and can provide more details if helpful. Mortgage of $250k and one low interest student loan $5k.
Expected Retirement Expenses
During retirement I'd like to plan on $4000/mo income. Adding in health care but subtracting out mortgage payments. No children planned at this time, and parents are doing well financially. $200/mo is currently being set aside for major home repairs. No major lifestyle changes planned.
Retirement Income
My wife and I both have 2nd jobs we enjoy that bring in $15,000/year. We will continue at least that pace.
Pension is $400/mo if working until 40 and collecting immediately.
Pension is $4000/mo if working until 40 and collecting at 65.
SS at full retirement (67) is $4000/mo [EDIT: not sure about this value if employment stops early]
Savings
Net Worth - $220k. Retirement Accounts - $165k (75/25 Equities/Bonds. Average ER 0.09%)
401k's - $100k
Roth IRA's - $65k
HSA's - $1k
Checking/Savings - $25k
Saving 50% of our pre-tax income this year. That's a combination of the above funds and paying down the mortgage.
The plan will be to pay off the mortgage in 11 years and save up as much as possible. $25k/year to mortgage payments and $50k/year to retirement accounts. With 5% real returns and an increase of 2% each year towards retirement savings I'd hope to cross over $1mil by 40.
FireCalc shows if spending is $48k/year and $1mil in retirement, 98% chance of making it to age 65. This doesn't factor in extra income in retirement to be conservative.
2015 is the first time I really started looking into FI at an early age. Advice is appreciated. Thank you!
Expenses
$4200/mo. I have tracked this over the course of a couple years and can provide more details if helpful. Mortgage of $250k and one low interest student loan $5k.
Expected Retirement Expenses
During retirement I'd like to plan on $4000/mo income. Adding in health care but subtracting out mortgage payments. No children planned at this time, and parents are doing well financially. $200/mo is currently being set aside for major home repairs. No major lifestyle changes planned.
Retirement Income
My wife and I both have 2nd jobs we enjoy that bring in $15,000/year. We will continue at least that pace.
Pension is $400/mo if working until 40 and collecting immediately.
Pension is $4000/mo if working until 40 and collecting at 65.
SS at full retirement (67) is $4000/mo [EDIT: not sure about this value if employment stops early]
Savings
Net Worth - $220k. Retirement Accounts - $165k (75/25 Equities/Bonds. Average ER 0.09%)
401k's - $100k
Roth IRA's - $65k
HSA's - $1k
Checking/Savings - $25k
Saving 50% of our pre-tax income this year. That's a combination of the above funds and paying down the mortgage.
The plan will be to pay off the mortgage in 11 years and save up as much as possible. $25k/year to mortgage payments and $50k/year to retirement accounts. With 5% real returns and an increase of 2% each year towards retirement savings I'd hope to cross over $1mil by 40.
FireCalc shows if spending is $48k/year and $1mil in retirement, 98% chance of making it to age 65. This doesn't factor in extra income in retirement to be conservative.
2015 is the first time I really started looking into FI at an early age. Advice is appreciated. Thank you!
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