Retirement-Mortgage dual plan - what are the flaws?

[offroad]

My fiance and I are getting a late start in life to make our financial dreams come true.

1) I will retire in ten years (am 50 now)
2)  She will retire in twenty years (is 44 now)

we have $100k in a bank.  and $200k in 401k type funds.  We both have no debts, no car payments.  But we do keep two apartments (jobs are in different cities).  $3500 monthly rent, plus utilities.

Our goals are

a)  Maximize our tax defered retirement contributions.  Need to know what that is?  Thinking we need some combination of income generating assets in the $50k per year range.
b)  Buy a retirement home somewhere to live in when retired.  Thinking $200k cost.
c)   have money to travel often when retired

When I look at this all, I keep thinking there is no way we can do this in ten years, even with guerilla MMM tactical ways.  But I am new here, so maybe someone can point out the flaws and plans we need to make?

[RoseRelish]

Depends how much you are able to save over the 10 years.

My advice on the different retirement timeframes - retire at the same time. My parents are 10 years apart and decided to retire at the same time. It gets boring to be the retired one while your spouse is working.

[tooqk4u22]

Aside from ditching one of the rentals....you need to start with the income/budget so for you'll need to post that info.

[AJ]

Need more info :)

• How much do you each make?
• What are your current expenses?
• Do you plan to continue to live and work in different cities after you get married?
• Why do you need a $200k retirement home? Do you need to be in a specific location?
• Why do you need $50k per year if you have a paid for home?

It doesn't sound like you need tactics as much as you need to get all the math out on paper and really see where you're at, where you want to be, and what it will take to get there.

[arebelspy]

Getting your jobs to the same city, even by taking a pay cut, may well save you money.

3500/mo for mortgage payments?  Ouch.