hcho3528
Dryer sheet wannabe
- Joined
- Nov 11, 2007
- Messages
- 17
Hello, I would first like to introduce myself as hcho3528. This will be my first posting on this forum, but I have looked around for a time before registering. Like all of you hear, I dream of an early retirement, in fact I think about it weekly, even though I am happy with my job. I am married and am 27 yrs old. I have a goverment secure job, with a moderate income of 65k/year, as well as my wife. Combined we earn 130k/yr. I own a home, 30yr fixed @5.75% that I purchased at 21 in 2001. I used most of the equity to pay for my undergrad degree/wedding/wedding ring a few years ago. I owe about 208k on it, and it is valued at 250k in this current market. The nice thing about this is the mortgage is only one of our 4 paychecks, so we are living pretty comfortable. I started saving into a 457 deferred comp at 21, and currently have a small 17k in it, but a few years ago I raised my contribution form 100/month to 600/month. I also have a PERA retirement that matches my max contibution of 12%, so I get almost 25% into that retirement. My wife has almost the exact same as I with PERA and the 457 but also has a ROTH IRA with 5k in it.Next year our PERA will macth at 14%. We only have 2k in savings right now, about 4k in our checking accounts. Our job allows us to retire at 50 or 20 years, but I would like to retire earlier. The problem is, is we love to travel. We seem to not have alot of money saved because we are constantly traveling. My question now is that we are thinking of having kids in the near future where traveling prob. won't happen as frequently as it currently does. I would like to buy a new house that is about 350k, but my wife does not like the idea of being married to the mortgage, even though I think we can afford it. What would you guru's reccommend? Can we afford this? Should I just stay in my moderate home, and save money, or risk a higher mortgage in this market to get a very nice house for a very reduced price. Also, should I invest 4k into remodeling a new bathroom in this current market to sell? Will I get the value out of it even in this market? What better ways can I save for my future and to retire early?