Just started looking at the forum and looks like there is a lot of good info here. I would also like to retire early, around 50, sooner if possible. Here's a little background on me:
Married for a little over a year, 33/32, live in the midwest, make approx $90k combined. I've had my house a while, owe approx. $48k on a house worth about $140k. Wife and I purchased land for new home, owe about $39k. Wife's student loans about $18k, no credit card (pay balance each month) or car loans (newer vehicles, won't have to be replaced for a while). I have about $120k in 401k and contribute approx $12k/year to this. Also have about $20k in savings (I know, wasting money on .5% ~ 1% interest...). Started an emigrant account that I will eventually transfer this money to as I get comfortable with them (signed up over two weeks ago, $500 in the account but still haven't received the letter to let me access the account...) to get a better savings rate. and maybe $6k in other IRA/Roth funds Wife is a teacher so I here they have a good retirement package but still haven't quite figured out how it works, and she doesn't ask...I have her saving/spending habits changed now so they are pretty good (that's why she has student loans and I don't)...
We would like to build a house on the land we purchased, possibly next year, looking to do a lot of work ourselves, but still figure on borrowing around $130-150k. Ideally this will be the home we retire in (the land is in the country, we both enjoy the outdoors, etc.) I would really like to have current home and land paid for before building but don't want to miss out on current low interest rates that I don't feel I'll ever see again in my lifetime. I figured I should start saving money in something besides 401k, so been doing a Vanguard Star fund, approx $500/month for the last 4 months. Will I be strapped for spending money when retiring because I believe I wouldn't be able to tap the 401k until 59.5, or do I not understand correctly. At this point the wife says she doesn't have interest in retiring early, but they may always change. Any suggestions out there for what I/we should concentrate on? Also, if we currently save approx. $2-2.5k a month (after all expenses, extra on mortgage & land loans, grocereries, etc), what would be a guestimate of how much we would save each month after having a kid (i.e. how much would spending go up) Just looking for some ideas.
Thanks!
Married for a little over a year, 33/32, live in the midwest, make approx $90k combined. I've had my house a while, owe approx. $48k on a house worth about $140k. Wife and I purchased land for new home, owe about $39k. Wife's student loans about $18k, no credit card (pay balance each month) or car loans (newer vehicles, won't have to be replaced for a while). I have about $120k in 401k and contribute approx $12k/year to this. Also have about $20k in savings (I know, wasting money on .5% ~ 1% interest...). Started an emigrant account that I will eventually transfer this money to as I get comfortable with them (signed up over two weeks ago, $500 in the account but still haven't received the letter to let me access the account...) to get a better savings rate. and maybe $6k in other IRA/Roth funds Wife is a teacher so I here they have a good retirement package but still haven't quite figured out how it works, and she doesn't ask...I have her saving/spending habits changed now so they are pretty good (that's why she has student loans and I don't)...
We would like to build a house on the land we purchased, possibly next year, looking to do a lot of work ourselves, but still figure on borrowing around $130-150k. Ideally this will be the home we retire in (the land is in the country, we both enjoy the outdoors, etc.) I would really like to have current home and land paid for before building but don't want to miss out on current low interest rates that I don't feel I'll ever see again in my lifetime. I figured I should start saving money in something besides 401k, so been doing a Vanguard Star fund, approx $500/month for the last 4 months. Will I be strapped for spending money when retiring because I believe I wouldn't be able to tap the 401k until 59.5, or do I not understand correctly. At this point the wife says she doesn't have interest in retiring early, but they may always change. Any suggestions out there for what I/we should concentrate on? Also, if we currently save approx. $2-2.5k a month (after all expenses, extra on mortgage & land loans, grocereries, etc), what would be a guestimate of how much we would save each month after having a kid (i.e. how much would spending go up) Just looking for some ideas.
Thanks!