Hello Everyone,
Brief introduction: My wife (DW) and I (DH) would like to make a change in three years in order to spend more quality time with family, simplify our life, enjoy our hobbies more often, and escape the climate here in Minnesota. We also have three children ages 8, 6, and 2. We are leaning towards Colorado since I used to live there and find the climate conducive to our desired lifestyle. In addition, we have friends living there that could help us with the process of relocating. Our goal is for DW to retire in three years and I would work full time in my current profession.
Any financial advice is welcomed. I know there are areas we need to improve on and we are working on those, so please not too many punches in the face. Thank you!
Professions:
DH(44): A part time (0.8) RN at a major hospital.
DW(42): A full time police sergeant in a major city.
Income & Benefits (monthly)
Combined gross income: $11,500 (will increase, 2 raises in June)
Combined net income: $8500
The difference is from health ins, deferred comp, pension, and taxes.
Assets
House $305,000
Vehicle 1 $28,000
Vehicle 2 $9,000
RV $22,000
Savings $9000
MNDCP(Fidelity) $127,000
WROS (Fidelity) $88,000
SEP(Fidelity) $33,400
Roth(Fidelity) $3,600
tIRA(Fidelity) $5,600
403b(Fidelity) $515
Liabilities
House $179,700 (3.62% refi last fall to 15 yr loan)
RV $23,000 (5.25%)
Student Loan $52,000 (4.25%)
Line of Credit $20,000 (7%) Just finished basement project
Credit Card $13,000 (0%) Just finished basement project
Budgeted Expenses (monthly)
Cash $50
Clothing $80
Dry Cleaning $20
Food $800
Housing $150
Medical $40
Personal $120
Recreation $100
Transportation $625
Utilities $355
Liabilities $2,688
TOTAL $5,028
*All extra cash per month goes to debt snowball. We are on schedule to have all debt, except mortgage, to be paid off in less than three years.
Future Pensions
DW: $4,000-$4,500 monthly
DH: $1,200-1,500 monthly