21 Years Old, engaged, planning on wedding in a couple years but very small, looking to spend close to nothing as we want a picnic type wedding. Still living at home.
Gross Salary/Wages: 41k per year.
Fiance (19) still in school, when she gets out she will start at 50k based on average entry level salaries.
Everything below applies just to me since she does not live with me yet, she has no retirement savings yet but has 20k saved in the bank.
Pre-tax deductions: 6% a week to 401k, company matches 100% up to 5%
Current monthly expenses:
$250 per month car payment, 16k left at 2%
$144 car insurance
$75 per month gas
$0 rent (live at home)
$200 Fun money (estimate of money used when going out with fiancé to dinner, activities etc.)
Assets:
$5600 in Target Date 401k
19k in Savings
Will be receiving house either from grandparents or fiancés mom mortgage free in the next 5 years.
I get raises every 4-8 months because of a Union contract, so every year I go up about 2-3 dollars a year, capping out at 73k.
If I was to keep these expenses for the next 5 years or so, and then add on the usual housing costs like utilities, taxes, etc, do you think I am in good shape to retire earlier than the usual age of 65?