So, a little more than 12 years ago, I came on here and posted "1" message, asking if I was on track. You can find that here:
http://www.early-retirement.org/for...ght-spot-for-retirement-27752.html#post518503
For whatever reason, I never responded. But I took some of the advice, but most of it I did not... although, I did take retirement a bit more seriously.
I'm going to ask again, at this point, if I'm "on track" for retirement. I'm not a big fan of posting things that seem bragging, and maybe this isn't... I'm sure most everyone else on here is probably more successful... but I'm going to lay it all out and be judged. Then, after I do that, I'm going to state how my life has changed since my first (and only post, back in 2007).
Here's where I stand:
Education:
- Finished my Associates Degree (paid cash)
- Earned a Bachelors of Science (got partial scholarship, I paid half, my dad paid half)
- Earned a Masters Degree (company paid for it all)
In total, I'd say I have $140k of 401k savings, and guaranteed $30k in retirement income from pensions if I retire at 57.
I don't have any debt, and the next two years I'll be making almost double my current salary of $109k.
So my question is two-fold... what should I be doing differently? I feel like I'm doing pretty good... but I know those numbers are probably pathetic. I'm 41, and thought I'd have a lot more saved by now. Thing is, I like to buy stuff. Most people would say that I'm responsible, so I don't buy frivolous stuff, but I recently renovated two homes myself... spending in total about $120k between the two homes. I know this has increased my equity in the homes, but at the expense of my savings and potential money earned.
One home has a mortgage for $244k, but an estimated value of anywhere from $430-470k depending what website you look. I currently rent out that home, and I'm getting $2,800 a month in rent.
The home I live in has a mortgage $204k, but an estimated value of anywhere from $270-315k depending on the website you look at.
I'm not sure what else to put. My friends all made fun of me a couple of weeks ago because they found out that I've only been doing a 5% match on my 401k, so not at all maxing out my 401k contributions at all. I also don't have a Roth IRA at all. This is all particularly important to me now because my salary will double for the next two years, and I need to make sure I don't get killed in the next tax bracket.
So, I've shared everything... and I apologize if any of it seemed pathetic (to some) or bragging (to others). I just wanted to be open and forthcoming.
What would you be doing differently? What should I do to get back on track.
... how do I even know what "on track," is?
I'm not even sure I want to retire early as I really like my job. But I'm very interested in making sure that I can have a life in retirement if / when I choose to do so, and make sure I can pass something on to my daughter, etc. I also have about $800k in life insurance (which is like $12 bucks a month).
I drive older cars, but they're in great shape... I work on them myself. I don't know what else to put, but... seems I didn't really do everything that was recommended to me in the original post. Go figure... but looking back, I didn't do so bad. My daughter was born, I improved my income, I have a rental property, etc. What should I be doing differently?
THANK YOU...
http://www.early-retirement.org/for...ght-spot-for-retirement-27752.html#post518503
For whatever reason, I never responded. But I took some of the advice, but most of it I did not... although, I did take retirement a bit more seriously.
I'm going to ask again, at this point, if I'm "on track" for retirement. I'm not a big fan of posting things that seem bragging, and maybe this isn't... I'm sure most everyone else on here is probably more successful... but I'm going to lay it all out and be judged. Then, after I do that, I'm going to state how my life has changed since my first (and only post, back in 2007).
Here's where I stand:
Education:
- Finished my Associates Degree (paid cash)
- Earned a Bachelors of Science (got partial scholarship, I paid half, my dad paid half)
- Earned a Masters Degree (company paid for it all)
- I merged ALL my prior 401ks into a "Rollover IRA" ... not much, I have about $30k in there.
- I worked for the NFL for 6 years and earned an NFL pension, fully vested, after 5 years. My high-three is based on $68k / $72k / $75k. It averages out to about $23k at retirement age, or less if I take at 57.
- I work for another company which offers a pension at 5 / 10 / 20 years. I'll hit my 10-year mark in two years. Pension payout after 10 years (if I was 57) would equate to around ~$800 a month, as-is.
- I also have a 401k w/ this company which is currently at $109k.
- I have a 529 for my daughter's college w/ $19k in it so far.
- I only have a little shy of $10k in actual money in savings account.
In total, I'd say I have $140k of 401k savings, and guaranteed $30k in retirement income from pensions if I retire at 57.
I don't have any debt, and the next two years I'll be making almost double my current salary of $109k.
So my question is two-fold... what should I be doing differently? I feel like I'm doing pretty good... but I know those numbers are probably pathetic. I'm 41, and thought I'd have a lot more saved by now. Thing is, I like to buy stuff. Most people would say that I'm responsible, so I don't buy frivolous stuff, but I recently renovated two homes myself... spending in total about $120k between the two homes. I know this has increased my equity in the homes, but at the expense of my savings and potential money earned.
One home has a mortgage for $244k, but an estimated value of anywhere from $430-470k depending what website you look. I currently rent out that home, and I'm getting $2,800 a month in rent.
The home I live in has a mortgage $204k, but an estimated value of anywhere from $270-315k depending on the website you look at.
I'm not sure what else to put. My friends all made fun of me a couple of weeks ago because they found out that I've only been doing a 5% match on my 401k, so not at all maxing out my 401k contributions at all. I also don't have a Roth IRA at all. This is all particularly important to me now because my salary will double for the next two years, and I need to make sure I don't get killed in the next tax bracket.
So, I've shared everything... and I apologize if any of it seemed pathetic (to some) or bragging (to others). I just wanted to be open and forthcoming.
What would you be doing differently? What should I do to get back on track.
... how do I even know what "on track," is?
I'm not even sure I want to retire early as I really like my job. But I'm very interested in making sure that I can have a life in retirement if / when I choose to do so, and make sure I can pass something on to my daughter, etc. I also have about $800k in life insurance (which is like $12 bucks a month).
I drive older cars, but they're in great shape... I work on them myself. I don't know what else to put, but... seems I didn't really do everything that was recommended to me in the original post. Go figure... but looking back, I didn't do so bad. My daughter was born, I improved my income, I have a rental property, etc. What should I be doing differently?
THANK YOU...