Okay here's a basic retirement road map I was playing around with last week. It's VERY basic and there are a ton of angles to this I have not explored. I'm just looking for feedback and help.
Current Status:
Married, H(age 42, me) and W (age 37)
Two kids: (10 and 6 - we are putting a little in their college funds but mostly they will need to pay their own way)
Current family income: Will be about $150K this year but we've never earned this much before.
Goal for FI/FIRE/retirement: For my 50s to have lots of "me" and "us" time. I want to slow down. We live in a LCOL area, and we plan to keep our home when it's paid off.
Current Retirement Accounts (total) $92,000
EDITED 8/31/16: After all the face punches, I deleted the old "plans" and now include my revised road map. Here it is..
Hitting $800,000.00 for FIRE
Dec 2016 Retirement Balance (est) $100,000.00 Calculations assume 7% annual return
*start with saving $20K and add $5K/year
for 10 years - would save $65K in last year*
2017 $128,400.00
2018 $164,138.00
2019 $207,727.66
2020 $259,718.60
2021 $320,698.90
2022 $391,297.82
2023 $472,188.67
2024 $564,091.88
2025 $667,778.31
2026 $784,072.79
In 2026, H 53 and W 48, could
move down to PT work and just break even
on expenses for a few years.
Stashe would grow for next 7 years during
"semi retirement"
2027 $838,957.88
2028 $897,684.93
2029 $960,522.88
2030 $1,027,759.48
2031 $1,099,702.65
2032 $1,176,681.83
2033 $1,259,049.56
Total FIRE at ages H 60 and W 55
4% AWR = $50,361.98 $4,196.83
Per Year Per Month
At this point, H
has full access to all his IRA accounts
with no penalty (and in case of Roth, no taxes)
*decide when H should take SS*