Ok, here we go. I'm new around here and see sometimes you guys will kick some bodies ass. I'm going to take that chance.
DH and I are 43. We have a combined income of $200,000. We both work full time.
Home is valued at $550,000, we currently owe $55,000, original loan $250,000 approximately 7 years ago. We are making extra payments like crazy. Expect it will be paid off in 6-8 months depending on certain circumstances.
We currently have combined $670,000. in our 401ks.
Car loan of approximately $13,000 with 0% interest. No other loans, we do use a credit card for rewards but only for expenses and we pay it off each month.
We have approximately $8,000 in mutuals funds, we started those not too long ago. We have $20,000 in 529 accounts but we have two kids, 14 and 16. We have approximately $15,000 in various savings accounts. Will be moving more of that into mutual funds shortly. I think we need more cash savings, we have been maxing out our 401ks for years and want more liquid cash like mutual funds.
So my questions. We think we are on a good track to retire. DH will probably go first, he is not intending to go very early, maybe 56 - 57. He doesn't think he can go earlier. I don't mind my job at all and would be happy to keep doing it after he retires. I have a huge amount of flexibility with it and work at home. I also carry our health insurance.
Do you think DH could go at that age? What about college? No idea about the costs there, just starting to learn. I never went myself. DH wants to pay costs for kids as long as they do well, fail a class we stop paying. I'm ok with that and we intended to have the house paid off by then which would free up income. Is this feasible do you think?
One kid is looking at smaller colleges, in state. The other one (younger one) is looking at state school which is pricey but she will more than likely score some merit scholarships.
We would like to enjoy life after retirement, maybe while we're still young do some traveling. However retirement calculators are ridiculous, there is no way I will need retired what I have now. My house will be paid, my kids grown, my big saving will be done.
Opinions? Thoughts?