Just read the stickie - my bad. Using that format:
Topic Title: Reader Case Study - Retire at 42 or sooner?
Life Situation: No dependents, ON/Canada, 25 year old, 26 year old SO.
Gross Salary/Wages: Me: 75K, 55K
Pre-tax deductions: 560$/mo into a work pension plan.
Other Ordinary Income: No other income.
Qualified Dividends & Long Term Capital Gains: Stash is small, so less than 1000$ of dividends a year.
Rental Income, Actual Expenses, and Depreciation: N/A
Adjusted Gross Income: 120K
Taxes: About 30K togheter
Current expenses:
Mortgage Principal: 700$/mo
Mortgage Interest: 500$/mo
Municipal Taxes: 300$/mo
Water, Sewage: 100$/mo
Electricity: 100$/mo
Gas: 70$/mo
Internet 50$/mo
No cable ;)
Groceries: 500$/mo
Cellphones: 150$/mo (will change mine soon to cut that down)
Travel: 500$/mo (6K a year but varies year to year)
Fuel: 100-200$/mo depending on whether we commute intercity or not on the weekends
Car and home insurance: 100$/mo
Car payement: Nil
I'm not going to lie, the rest of the spending is a work in progress as I was not tracking closely up until two months ago and stuff like gifts, clothes, etc are best looked at on a yearly horizon.
What I do know, is that of our 125K pre-tax income, more or less 50K is saved (includes pension, principal mortgage payements, and personal savings on both sides)
Assets:
85K Equity on single family home, 1440 sqft 5km distance from both our work locations
40K 40% stocks/mutual funds, 60% cash and cash instruments (GICs) - as the GICs arrive at maturity, I am purchasing mutual funds with them, they are fossils from my pre-investment days. Desired end-state: An asset allocation of approx 80% equity, 10% bonds, 10% cash.
Total: 125K
Liabilities:
Only one: Mortgage originally 240K, 2.64% 5yr fixed, 25 years, 1200$/mo. Current balance: 225K
Specific Question(s): See above. I dislike working, and would like to retire as soon as possible (which is a horrible feeling to have when you're 25 yrs old... I wish I could be content with working 40 years like "normal people" but that just won't cut it for me.)