Hi, I just registered on this forum.
I'm 34 and my wife is 28. We both work for companies that have pension plans and 401K with matching.
We are trying to figure out what we need to do in addition to this, to be able to retire when I am 56 and she is 50.
1) My company has a "Special Unreduced Early Retirement" based on a credit system: Age + Years of service = 85 and you can retire. That number is 56 for me. At that point, according to the document, my pension would be (2% ending salary * years of service up to 25) + (1% ending salary * years 25 to 30).
2) My wife would be eligible for a drastically reduced pension after 23.5 years.
3) I put in 6% of my salary for 401K (my company then matches 4%)
My 401K is in a Vanguard Target Retirement 2030 fund
4) My wife puts in 3% of her salary (her company matches 3%)
Her 401K is in some sort of employee stock purchase plan of Abbott Labs
I make $84,000
She makes $60,000
I only have about $18,000 in my 401K
She has only about $4,000 in her 401K
How does this picture look for the hopes to retire in 2031 ? What should we be doing differently?
Thanks!
I'm 34 and my wife is 28. We both work for companies that have pension plans and 401K with matching.
We are trying to figure out what we need to do in addition to this, to be able to retire when I am 56 and she is 50.
1) My company has a "Special Unreduced Early Retirement" based on a credit system: Age + Years of service = 85 and you can retire. That number is 56 for me. At that point, according to the document, my pension would be (2% ending salary * years of service up to 25) + (1% ending salary * years 25 to 30).
2) My wife would be eligible for a drastically reduced pension after 23.5 years.
3) I put in 6% of my salary for 401K (my company then matches 4%)
My 401K is in a Vanguard Target Retirement 2030 fund
4) My wife puts in 3% of her salary (her company matches 3%)
Her 401K is in some sort of employee stock purchase plan of Abbott Labs
I make $84,000
She makes $60,000
I only have about $18,000 in my 401K
She has only about $4,000 in her 401K
How does this picture look for the hopes to retire in 2031 ? What should we be doing differently?
Thanks!