I just posted in the 'Ask a mustachian' forum but would love some advice on our families case study!
-We are a teaching couple who work internationally - We are from Europe and currently live in ASIA.
-We have been overseas for around 6 years
-Third year in our current job earning what for us is good money
I will convert from local currency to euro, I know things might be slightly different:
Income:
Wife: 3,700 eur a month
Me: 3,300 eur a month
Taxes are paid by our school, the money above is what we receive every month in our accounts.
Expenses:
We don't track our expenses (I know huge mistake) but we pay rent for our flat -1,350 eur a month for rent/water and electricity
We use my salary to pay for this and for the expenses for the rest of the month plus a salary for our nanny who we pay 500 eur a month.
At the end of the month we have around 280 euro left in my account.
Savings:
We save all of my wife salary every month - This we use for our ETFs to invest and some of it for our mortgage for the house we own in Europe.
So out of my wife salary we put around 1500 eur and send that to our bank in Europe - There we have like 12,000 eur and our mortgage payments come out of that plus the water and electricity and other payments related to our house there.
And we put the rest around 2000 to our ETFs investment.
Investment:
We have 17000 eur in low cost index funds through our broker Internnax in Luxembourg - We plan for this to be our pension when we retire. WE HAVE NO OTHER PENSION SCHEME.
Debt:
Mortgage - we Bought a house a year ago and now have a mortgage - I think we have 120,000 eur left and our mortgage is a fixed one so we pay 615 eur every month for the entirety of the mortgage.
Following an online video I made some calculations and it seems like 1,2 million euros is the number we would need to retire comfortably - This to me seems like an impossible number. I would simply like for us to have enough to live on or to at least save for our pension as we have no pension scheme from the government of our home country.
Can I please have some advice - What is our situation like? What can we do to make it better?
What should we be doing?
Around what age would we be able to retire and how much money should we be trying to save to make that happen!
Thanks! Any questions, please ask!