Brandddd new to this group—I’ve really enjoyed the real life stories and anecdotes here that seem to exist less now on instagram. Grateful to have found this place!
I would love some advice for those who have time.
My burning questions include: * Am I leading my family on the right track towards financial independence? * Is it possible for either of us to retire as planned? * OR even earlier than expected or take a year or two off?
Goal: Retire when I am 52 and husband is 60. Life Situation: Married + 2 kids (11, 5). I am 34 and my husband is 36. FIRE Progress: His 401k: $65K, Joint Cash savings: 45K, Roth IRAs: $43K (mine), 24K (his).
*Pension: I’m a teacher, I’ll receive a pension forever at age 42 (20 years service) but an even higher check at age 52 (30 years service). I’m expecting around $3K per month at 30 years service, $1K per month at 20. Healthcare is essentially free for me also for life at 20 years service. I’m on year 13.
Gross Salary/Wages: $155K combined gross. Me: 60K, Him: 80K, Sidegigs together: ~15K Yearly Savings Amounts: 401k: $27,500 (max + 5% employer match), Roth IRAs: $14K (max each). Pension: 6% of my check goes to state retirement, for my pension but should this really count? lol
Current Debt: Mortgage: $1880/month (inc. homeowners insurance and tax escrow). Mortgage balance $325K @ 3.3%. Purchase price of $425K in 2022. Currently worth about $550K Student Loan: $24K balance, 250$/ month
Other/ Inheritance: The kids have 100k each in a college fund & I have 100k to be willed to me at some point in the future. My plan is to dump this into a brokerage account at that point.
Any other info needed Id be happy to share! Thank you for any advice! submitted by /u/thetalkonacerealbox
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I would love some advice for those who have time.
My burning questions include: * Am I leading my family on the right track towards financial independence? * Is it possible for either of us to retire as planned? * OR even earlier than expected or take a year or two off?
Goal: Retire when I am 52 and husband is 60. Life Situation: Married + 2 kids (11, 5). I am 34 and my husband is 36. FIRE Progress: His 401k: $65K, Joint Cash savings: 45K, Roth IRAs: $43K (mine), 24K (his).
*Pension: I’m a teacher, I’ll receive a pension forever at age 42 (20 years service) but an even higher check at age 52 (30 years service). I’m expecting around $3K per month at 30 years service, $1K per month at 20. Healthcare is essentially free for me also for life at 20 years service. I’m on year 13.
Gross Salary/Wages: $155K combined gross. Me: 60K, Him: 80K, Sidegigs together: ~15K Yearly Savings Amounts: 401k: $27,500 (max + 5% employer match), Roth IRAs: $14K (max each). Pension: 6% of my check goes to state retirement, for my pension but should this really count? lol
Current Debt: Mortgage: $1880/month (inc. homeowners insurance and tax escrow). Mortgage balance $325K @ 3.3%. Purchase price of $425K in 2022. Currently worth about $550K Student Loan: $24K balance, 250$/ month
Other/ Inheritance: The kids have 100k each in a college fund & I have 100k to be willed to me at some point in the future. My plan is to dump this into a brokerage account at that point.
Any other info needed Id be happy to share! Thank you for any advice! submitted by /u/thetalkonacerealbox
[link] [comments]