We are 48(me) and 47(hubby) .. not exactly retiring that early .. but early none the less. We both have full time corporate jobs. We have two young sons (9 and 7) that I would like to spend more time with and would like to retire from my corporate job in 2 years (age 50).
I found MMM early last year and we spent most of 2014 analyzing our spending and looking at our expenses. We've made terrific progress and are starting 2015 debt free with only a 283K mortgage to payoff.
My Hubby loves his job and isn't interested in retiring early but I'm planning on it just to see what the numbers are. Even if he wishes to continue to work, we are looking for the moment when we are no longer needing to work.
Here are some numbers.
My 401K: 380K
Hubby's 401K: 180K
Inherited IRA: 110K
I used the
calcxml.com site for the future values of our 401K's as outlined below.
- My 401K will grow to be worth 450K in 2 years. - (this is with 7% contribution and 50% company match on 6% earning 7%)
- Not drawing from my 401K for the next 10 years, my 401k balance will grow to 900 at 7%.
- My Hubby's 401K will grow to be worth 1.4M in 12 years. - (this is with 20% contribution and 100% company match on 20% earning 7%)
- Not drawing from our 401K's for 12 years, our 401K balance would be 2.3M.
- Not drawing from our 401K's for 5 years, our 401K balance would be 1.1M
I have not included the Inherited 401K in any of these numbers.
This year we are putting my entire salary toward paying down the mortgage to see how/if we can manage on my hubby's salary although I will find work of some kind and will be bringing in some money.
Can I do it? Can I quit the rat race in two years to spend more time with my family and to explore work that I actually enjoy and love?
Part of me wants to continue to work until our mortgage is paid off. That will lessen our expenses by $2500 a month .. but the boys are growing so fast .. and I'm missing it!!!!