The plan is to ER at 41, 45 at latest. I am currently 32, my wife just turned 30.
We currently have a nw of around $350k, including the sep and home equity. Gross income is 250-300k/year, so we can max out the sep at the cap (currently $42k/year). We are saving at a rate of 40-50% of our take-home, outside of the sep. We are timing the payoff of our mortgages (live in one house, rent out the city duplex) to coincide fairly closely to our er date.
The plan is to continue max contributions to the sep until er, at which point we will live off our savings which is in a brokerage account. We will let the sep grow until we start withdrawing at 59 1/2, at which point the ~500k contributed should grow to a fairly substantial sum.
We are fairly flexible with respect to retirement geography, but right now western New York looks most attractive.
We currently have a nw of around $350k, including the sep and home equity. Gross income is 250-300k/year, so we can max out the sep at the cap (currently $42k/year). We are saving at a rate of 40-50% of our take-home, outside of the sep. We are timing the payoff of our mortgages (live in one house, rent out the city duplex) to coincide fairly closely to our er date.
The plan is to continue max contributions to the sep until er, at which point we will live off our savings which is in a brokerage account. We will let the sep grow until we start withdrawing at 59 1/2, at which point the ~500k contributed should grow to a fairly substantial sum.
We are fairly flexible with respect to retirement geography, but right now western New York looks most attractive.