Would love any opinions on strategy for age gap traditional retirement planning (ages 32 and 47), clumped in with FIRE planning:
Husband and I are just starting our Early Retirement plans, based off a 60K windfall I just received from granny and me finally paying off my student loans. Woo! We're planning on investing the 60K windfall and then 3K per month for 10 years into index funds, and given no major market mishaps in 10 years, we'll start to pull from there for "partial" early retirement (yes, I'm aware of potential bear market issues and we have a plan).
NOW...I'm trying to strategize and figure out how much to invest for each of us in retirement, and how to take advantage of our age gap. Since he can start withdrawing at 59 which is about the same timespan as the FIRE plan.
My problem is I don't know what amounts to put where - I have a SEP IRA with a whopping 5K in it (I had 70K in student loan debt I just finished), hubs just got *legal* citizenship and also has a whopping 5K in his 403b.
His 403b through work is horrible though, required 2% yes TWO PERCENT fees minimum each year through this horrible firm known as AXA. I save about 6K a year towards mine but no more, because I want all that extra cash to build up in the early retirement fund.
I could say a lot more but I think you get my gist. We're making about 100K a year combined, we aren't as frugal as MMM but we can save 3-4K each month. So just trying to figure out how much to put towards traditional retirement plans, if I should open him an account, or if we should just put it all in index funds and ignore the retirement plan (but lose tax benefits).
Bleh. Big hugs if you've made it this far and feel like giving input.