Hi all,
I am a big fan of this forum and have started “dreaming” of a ER lately. I am 42 and wife is 41 and want to ER in 13 years. Firecalc, vanguard and Fidelity retirement calculators all think we are on the right track. Current family income 200K. Both have decent academic jobs but we love International travel and would love to travel a lot in our mid 50’s and early 60’s. Appreciate recommendations and/or reality check from others….
Our finances: $450K in tax deferred retirement accounts (403B) & $50K in 457B deferred Comp for me (the husband)
When I turn 55 (and wife 54) we want to call it quits. We will sell out current house and move to our rental house. Both houses will be paid by then. Sale of our current house will easily get us 500K+ (Cash in pocket after commissions etc). I plan on contributing 18K to Deferred Comp every year and use that money plus the proceeds from sale of the house from 55 to 65 age. We budget on using 100K each year from 55 to 65. We also contribute about 25K per year to 403B’s plus I have a decent pension (none for wife) that will easily be more than $40K a year at 65. We don’t intend to touch any of the 403B accounts till the age of 65. We will touch SS when we are 67.
Thoughts and advise?? Are do our plans look like?? Where can we improve or change our plans??
I am a big fan of this forum and have started “dreaming” of a ER lately. I am 42 and wife is 41 and want to ER in 13 years. Firecalc, vanguard and Fidelity retirement calculators all think we are on the right track. Current family income 200K. Both have decent academic jobs but we love International travel and would love to travel a lot in our mid 50’s and early 60’s. Appreciate recommendations and/or reality check from others….
Our finances: $450K in tax deferred retirement accounts (403B) & $50K in 457B deferred Comp for me (the husband)
When I turn 55 (and wife 54) we want to call it quits. We will sell out current house and move to our rental house. Both houses will be paid by then. Sale of our current house will easily get us 500K+ (Cash in pocket after commissions etc). I plan on contributing 18K to Deferred Comp every year and use that money plus the proceeds from sale of the house from 55 to 65 age. We budget on using 100K each year from 55 to 65. We also contribute about 25K per year to 403B’s plus I have a decent pension (none for wife) that will easily be more than $40K a year at 65. We don’t intend to touch any of the 403B accounts till the age of 65. We will touch SS when we are 67.
Thoughts and advise?? Are do our plans look like?? Where can we improve or change our plans??