The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: bkmnky72 on May 01, 2016, 08:17:16 PM

Title: How are we doing?
Post by: bkmnky72 on May 01, 2016, 08:17:16 PM

I'd like to retire by 50, if not 55.  I'm currently 44 and SO is 38 and will likely be working by age 50-55 as well (5 years after me). 

Current Mortgage: $2,500
Current Household Expenses: $2,500

Gross Base Income: $182K.  Bonus and reimbursements make it about $200K/year.
Net take home: $10K.  Will be $8,500 in a few months*

Retirement savings: $2,500 monthly including 2 IRA's and 1 401k.  Total: $144K *ETA to add: I am working on adding a 401k program in my current employer which will make it about $1,500\month more towards retirement and less in net take home. 

Title: Re: How are we doing?
Post by: bkmnky72 on May 01, 2016, 08:21:10 PM

We also have: rental income $1,850; mortgage is $1,520.  Current value: $352K owe $197K

Current house value: $523K owe $398K

Other savings: $20K after taxes

Title: Re: How are we doing?
Post by: bkmnky72 on May 01, 2016, 08:23:06 PM

Goal: $1M in liquid assets, paid in full primary residence and $5K in passive rental income

Title: Re: How are we doing?
Post by: MDM on May 01, 2016, 10:31:08 PM

Quick look using the case study spreadsheet (http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-%27case-study%27-topic/msg274228/#msg274228) says 8-9 years.

You might try putting your numbers in there, or www.cfiresim.com, or one of the tools described in https://www.bogleheads.org/forum/viewtopic.php?t=115839#p1686175.