Author Topic: Retire before 50  (Read 1301 times)


  • 5 O'Clock Shadow
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Retire before 50
« on: May 23, 2018, 08:45:43 PM »
My wife and I are both 24 and 26 we would love to retire before 50. We have one kid age 1 thinking about possibly one more. I work 40 to 47 hours a week at $19 an hour, and my wife is a stay at home mom starting summer school to finish a 2 year degree with the option to do 4 years if it benefits us more. We do not currently pay for her college because of financial aid. We pay $1250 in rent and utilities. We have one car (98 toyota camry) that we currently own[no payments yay]. insurance is $45 a month. I currently have a couple student loan payments for my college at $360 a month and one credit card payment at $125 a month. We spend $250 in groceries and $40 in gas  I currently have $1250 in a 401k that I contributie 4% to that they match. they also do 4.5% no matter what and 0-6% as long as we are doing well(they$have done 6% since 2009). We have $2000 in savings. We would love to be able to travel the world once we retire. What do we need to do to retire?


  • Walrus Stache
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  • Location: Mississippi
Re: Retire before 50
« Reply #1 on: May 23, 2018, 08:57:27 PM »
You may be best served by writing up a case study for easier analysis:'case-study'-topic/

The short answer though is that you'll need to save roughly 40% of your income (excluding taxes). You didn't say what your loan balances are, so plus or minus a few percent depending on the specifics of those.

See also: Investment Order


  • Magnum Stache
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Re: Retire before 50
« Reply #2 on: May 23, 2018, 09:03:42 PM »
Your first step is to get a clearer picture of your monthly spending.

How much is car maintenance? How much are you putting away to eventually replace your car?
Does "utilities" include your cell?

Frankly, your rent seems kind of high on your current income, especially given your debts. Could you downsize at the next lease renewal?


  • Handlebar Stache
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Re: Retire before 50
« Reply #3 on: May 24, 2018, 01:04:30 PM »
Live on less than you earn.
Invest what you don't spend.