We reached $1M in investments last year. Also, have a pension.
Started off with a $1,000 investment in 2003. Only I (45F) had paying job. My husband (45M) did college, and then stayed home with our kids after they were born until last year. So, for the past 20+ years, we've been a one-income family.
Started by investing $25 per month, per IRA in 2003, and gradually increased until I could max both of them out a few years later. In about 2018/2019, I started investing in my work TSP (military) and maxing it out. (I know, I should've started investing in this when it first became available in 2006/2007 to me, but I didn't.)🙁
I retired from the military last year, and two months later, our investments were at $1M. I can no longer contribute to the TSP, but I still add to our IRAs, and I plan to continue adding to our taxable brokerage accounts as well.
We have two children. One college-aged, the other still in high school. College will be paid for both due to military benefits.
We currently live in Germany - my husband now has a part-time job to allow us to stay out here. I currently stay home and will probably start college courses soon. Medical is mostly paid for by retirement benefits. Cost of living is a bit less here than in the US.
No big bills (we sold our house before we left the US, so no mortgage and now we rent an apartment in Germany); we're a one-car family and also use public transportation if we need to; credit card bills are paid off within a month or two (if the purchase was large); no loans. We do enjoy lots of travel...lots...and some of it can be expensive...so that's our only big thing.
My pension and disability payments come out to around $100K per year, so we're definitely not strapped for money.
My question: With this amount in investments and it slowly continuing to grow, coupled with my pension/disability...are we set? When in initially made our calculations, we needed about $1.5M, but that was before taking into account pension (not to mention disability).
I feel like with my pension/disability alone, we should be good to go, but I just don't know if I should be considering something else. Also, we really like traveling and that can add up.
Any suggestions?
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