Hi everyone,
I got a bit of a late start on my retirement but realize I don't want to work till I'm 65 so just got serious about it.
A bit about me. I have a wife and 2 young kids, 1 and 3 and we both work.
We currently have about a years worth of expenses in the bank and the only debt is the mortgage which will be paid off in 12 years.
We have a bit over 200k in 401k and are adding 30k a year to it. Combined income is $135,000.
I've done a bunch of calculators and they all tell me something different. I'd like to retire before 60, hopefully closer to 55 and enjoy life. Both of our kids are in daycare which is eating up a lot of income, when they're done, savings will go up.
I'm still a ways away and have no clue what expenses will be in 20 years, but plan on having no debt, and can live on much less than we do know.
So my question is, what are our chances of leaving the rat race early?
I got a bit of a late start on my retirement but realize I don't want to work till I'm 65 so just got serious about it.
A bit about me. I have a wife and 2 young kids, 1 and 3 and we both work.
We currently have about a years worth of expenses in the bank and the only debt is the mortgage which will be paid off in 12 years.
We have a bit over 200k in 401k and are adding 30k a year to it. Combined income is $135,000.
I've done a bunch of calculators and they all tell me something different. I'd like to retire before 60, hopefully closer to 55 and enjoy life. Both of our kids are in daycare which is eating up a lot of income, when they're done, savings will go up.
I'm still a ways away and have no clue what expenses will be in 20 years, but plan on having no debt, and can live on much less than we do know.
So my question is, what are our chances of leaving the rat race early?