malingels
Confused about dryer sheets
Hello,
I am 43, married to 40 yr old and mother to a 9 year old.
I currently work full time for a bank which offers a pension and 401k.
My husband works full time and he will be able to start his 401k in one month.
My plan is to quit my job with the bank in 6 years. In that time I will have paid off the house and his car and possibly a replacement car for myself.
We would have no debts for the last two years of my bank job.
That income would be about 45k a yr after taxes and 401k and would all go to savings.
My plan is to get a part time job closer to home making about 10k a year which will go to savings. We will live off husbands income. This amount of time is unknown at this point.
Then when I turn 65, he will be 62 we can pull retirement income.
Our cost of living is very low, but we assume it will increase a smidge once our child becomes a teenager and go back down once he leaves the nest.
I am here to learn more about other probabilities that may occur which will hinder our progress toward our goal.
Thanks for reading.
I am 43, married to 40 yr old and mother to a 9 year old.
I currently work full time for a bank which offers a pension and 401k.
My husband works full time and he will be able to start his 401k in one month.
My plan is to quit my job with the bank in 6 years. In that time I will have paid off the house and his car and possibly a replacement car for myself.
We would have no debts for the last two years of my bank job.
That income would be about 45k a yr after taxes and 401k and would all go to savings.
My plan is to get a part time job closer to home making about 10k a year which will go to savings. We will live off husbands income. This amount of time is unknown at this point.
Then when I turn 65, he will be 62 we can pull retirement income.
Our cost of living is very low, but we assume it will increase a smidge once our child becomes a teenager and go back down once he leaves the nest.
I am here to learn more about other probabilities that may occur which will hinder our progress toward our goal.
Thanks for reading.
I agree with the above to model your pre-retirement saving and spending. Use whatever tool you can: firecalc, fidelity RIP, financial engines, quicken lifetime planner. Ask work a little differently so one might uncover an aspect you hadn't considered another might handle life events differently. The exercise is great for working out the glitches of your plan.
