If you have children, how old were you and children when you retired? Or when do you plan on retiring? Is this a standard procedure for those with children? To wait a bit? We have 75% of their tuition and have a wedding fund (started it when the girls were born, it's just a regular taxable investment so we can do whatever we want really) but we rather wait until they are done.I retired at the age of 41, when our daughter was nine years old. My spouse left active duty at age 39 (a year before I retired) and drilled in the Reserves for another eight years (one weekend a month, two weeks a year). Our daughter graduated at the top of her high-school class, survived her civil engineering degree and Navy ROTC, and is now an ensign on a destroyer homeported in Rota, Spain. We're lovin' this empty-nester lifestyle.
Thanks everybody for the responses!!! I think we're just naturally cautious - or at least I am. Our girls are five years apart, I did it to space out the college tuition payment, and by 48/52 yrs old, the youngest will be 19-years-old. She'll have just three more years of college.My family did not help, and because of my mother's income I was ineligible for a lot of aid, granted this was exasperated by her unwillingness to even fill out the FAFSA. It took me seven years to get through and I missed out a couple great opportunities because of my inability to take time off work. I think working was good for me, but not to the extent I had to because of that, I do plan to work longer to support their college. It is something important to me. Everyone has their own goals, most here have ER as a goal, but mine is FI more than retirement.
We plan on having the girls earn something while they're in school and the oldest knows that if she messes about, we're not paying for anything. They are learning about hard work now, or at least the 10-years-old, and getting some great advice from both parents (and we're full of them too :)) My family paid for my college and they sent me to the best schools they could afford and I have benefitted immensely from that. My learning have landed me some great jobs in my field and not having any college debt helped me financially. I just want to do that for the girls.
As soon as I have enough money. Not sure why kids factor in unless you are suggesting one has to budget for them. I budget for my kid and related expenses, so my answer is as simple as "when we have enough based on the budget"
| Total Daycare RESP FOOD Tax Credit Total Oct-12 $758 $630 $208 $100 $100 $966 Nov-12 $834 $630 $208 $100 $100 $1,042 Dec-12 $625 $560 $208 $100 $100 $833 Jan-13 $723 $665 $208 $100 $100 $931 Feb-13 $785 $560 $208 $100 $100 $993 Mar-13 $595 $595 $208 $100 $100 $803 Apr-13 $666 $595 $208 $100 $100 $874 May-13 $739 $665 $208 $100 $100 $947 Jun-13 $591 $560 $208 $100 $100 $799 Jul-13 $824 $630 $208 $100 $100 $1,032 Aug-13 $630 $630 $208 $100 $100 $838 Sep-13 $393 $192 $208 $100 $100 $601 Oct-13 $317 $264 $208 $100 $100 $525 Nov-13 $511 $252 $208 $100 $100 $719 Dec-13 $807 $264 $208 $100 $100 $1,015 Jan-14 $191 $85 $208 $100 $100 $399 Feb-14 $273 $48 $208 $100 $100 $481 Mar-14 $358 $60 $208 $100 $100 $566 Apr-14 $280 $264 $208 $100 $100 $488 May-14 $536 $264 $208 $100 $100 $744 |
You're paying about 70% lower than we can find in Toronto for daycare costs. :P
My husband worked 20 years after college and retired last year at age 44. I'm 40 and still working full-time plus carry the insurance benefits. Our kids are aged 10, 11, and 13. Current savings earmarked for college tuition is about $40,000.My mom had that attitude but with community college and that meant (because of her refusing to fill out the FAFSA) that I lost out on a full ride from a private college in another state. Private colleges often offer more aid for good students (and aid that does not have to be paid back) than public.
$15,000 in a 529 and $25,000 is custodial DRiPs. We contribute $3000/year to the 529 as that's the maximum tax benefit in our state (WI).
My plan is to pay off the mortgage within 2 years. Once mortgage is paid off, the $1600/month house payment can now be diverted into more robust college savings.
I'd like to sell our fancy pants house in 7 years before the last one heads off to college (she skipped a grade and therefore will be going at 17). Since the house will have been owned 'free and clear' for about five years before this happens, we should be able to cover two kids in college at the same time - maybe. However, if I need it, I'll use proceeds from the sale of this home to make up the difference.
I'm only planning on two of my kids attending college. My middle daughter has a cognitive delay and severe learning disabilities. The upside is, she can stay in HS until age 21 and there are many opportunities available for kids with special needs to learn applicable skills for an enjoyable life. This is something I need to do a bit more research on, so if anyone else has been through it with a disabled adult child, I'd love to hear your experiences!
Anyway, I digress. Once the house is sold and we downsize - or maybe even rent - so we can be more mobile...I'll likely try to "retire" before the last kid finishes college. This plan gives me a range of somewhere between ages 47 and 50.
My DH and I both agree that the kids won't receive squat unless they get jobs, save for themselves, earn good grades, and attend a public, in-state schools. We're not telling them any of our plans. The most we've ever said is that whatever they earn and save for school we'll match.
Actually, one of my bigger dreams is to use the "college" savings (say $5000/year) I collect from each kid when they start jobs at 16 to open and fund ROTHs for each of them.
I hope to work just long enough to have enough 'stache of my own to make all tuition payments for both kids. Therefore, anything they earn (and save) will go towards their ROTHs instead of a tuition bill or student loan. Then, 10 years or so down the road when they are married and hopefully secure, BAM, here you go kids...$50,000 grand each in ROTH IRA's for you.
Like I said: Very Big Dream, but it's fun to dream!
We have a 2 year old who is probably going to be an only child.
DH has been a SAHD since our son was 3 months old. He likely won't go back to work so I guess he's already FIRE.
I plan on retiring at 40 which is 2.5 years away, when our son is five.
My dream is to take off and slow travel around the world for a few years. DH's dream is to build an off-grid homestead in the region he grew up. The compromise is likely to be a little of both.
We have a 2 year old who is probably going to be an only child.
DH has been a SAHD since our son was 3 months old. He likely won't go back to work so I guess he's already FIRE.
I plan on retiring at 40 which is 2.5 years away, when our son is five.
My dream is to take off and slow travel around the world for a few years. DH's dream is to build an off-grid homestead in the region he grew up. The compromise is likely to be a little of both.
Wow. I think we are kindred spirits. Our son is 1, DH is SAHD (well WAHD technically for now) and I hope to retire by 40. I also want to travel a lot and DH is dreaming of off-grid living. We have a few more years to go before 40 and we hope to give our son a sibling or two. My ideal plan is to have 3 kids and FIRE when the 3rd one is born (just not return to work after mat-leave is over).
:) yay for kindred spirits!
We go back and forth on the idea of a sibling for our son. We wouldn't want to have another until I'm FIRE, by which time I'm getting on a bit. I'm not sure I want to have another child at 40, so I'm becoming more and more convinced that the boy will be an only child.
We have a 2 year old who is probably going to be an only child.
DH has been a SAHD since our son was 3 months old. He likely won't go back to work so I guess he's already FIRE.
I plan on retiring at 40 which is 2.5 years away, when our son is five.
My dream is to take off and slow travel around the world for a few years. DH's dream is to build an off-grid homestead in the region he grew up. The compromise is likely to be a little of both.
Wow. I think we are kindred spirits. Our son is 1, DH is SAHD (well WAHD technically for now) and I hope to retire by 40. I also want to travel a lot and DH is dreaming of off-grid living. We have a few more years to go before 40 and we hope to give our son a sibling or two. My ideal plan is to have 3 kids and FIRE when the 3rd one is born (just not return to work after mat-leave is over).
Those with kids, when do you plan on retiring?
Being home with kids is vital... you can always go back to work when they are gone. (if you must)
There's a three-minute standup routine in the changes that happen during the teen years, too, especially with the words "slobbering", "talking", and "bathroom using"...Being home with kids is vital... you can always go back to work when they are gone. (if you must)I'm appreciating this more and more as my kids get older. I'm 1 year into ER and have watched my youngest go from a 1.5 year old blob of slobber to a 2.5 year old talking, reasoning, bathroom using little man. The changes are so evident at this age.
Being home with kids is vital... you can always go back to work when they are gone. (if you must)
There's a three-minute standup routine in the changes that happen during the teen years, too, especially with the words "slobbering", "talking", and "bathroom using"...Being home with kids is vital... you can always go back to work when they are gone. (if you must)I'm appreciating this more and more as my kids get older. I'm 1 year into ER and have watched my youngest go from a 1.5 year old blob of slobber to a 2.5 year old talking, reasoning, bathroom using little man. The changes are so evident at this age.
I think that parenthood leads to a fundamental conflict with most careers, especially in jobs demanding more than 40 hours/week. I didn't want 12 weeks of family leave, and I didn't want six years off until the kid started school. I would've been quite happy with cutting back to 20-30 hours/week with an equivalent pay cut but nooooooo....
Our daughter was born in 1992 and I discovered "Your Money Or Your Life" very soon after that, even though I was sleep-deprived and overworked. Coincidence?
Now, here's the rub. If we reach FI on schedule, our oldest daughter would be 12 or 13 and our son 10 or 11. Would we be ruining their lives by moving to a completely different place right then? Both my wife and I had disruptive moving experiences around that age that took a few years to recover from (in a small town, you're sort of the outsider for a while). That consideration weighs a bit on both of us. However, at this moment we plan to push ahead.
Now, here's the rub. If we reach FI on schedule, our oldest daughter would be 12 or 13 and our son 10 or 11. Would we be ruining their lives by moving to a completely different place right then? Both my wife and I had disruptive moving experiences around that age that took a few years to recover from (in a small town, you're sort of the outsider for a while). That consideration weighs a bit on both of us. However, at this moment we plan to push ahead.
(Emphasis added.)
Ruining their lives? Explain what exactly that would entail.
I have no idea. I will be 60 when my younger son graduates from HS and 64 (hopefully) college.Could you do some sort of work with young women and engineering? Some sort of support thing?
While we aren't FI, I could afford to be unemployed forever, so long as my husband is employed.
We are playing it by ear. Generally, I like working. Specifically, my company really sucks, and as I get older, I start to see why so many women drop out of engineering.
Unofficially I do, at work anyway. Well, I did, when I managed them anyway. Still I try to provide guidance.I have no idea. I will be 60 when my younger son graduates from HS and 64 (hopefully) college.Could you do some sort of work with young women and engineering? Some sort of support thing?
While we aren't FI, I could afford to be unemployed forever, so long as my husband is employed.
We are playing it by ear. Generally, I like working. Specifically, my company really sucks, and as I get older, I start to see why so many women drop out of engineering.
Now, here's the rub. If we reach FI on schedule, our oldest daughter would be 12 or 13 and our son 10 or 11. Would we be ruining their lives by moving to a completely different place right then? Both my wife and I had disruptive moving experiences around that age that took a few years to recover from (in a small town, you're sort of the outsider for a while). That consideration weighs a bit on both of us. However, at this moment we plan to push ahead.
(Emphasis added.)
Ruining their lives? Explain what exactly that would entail.
Eh, you know, FIRE with a simulataneous move would mean pulling them away from all their friends, new school, putting them at sea in a whole new place (urbanish to ruralish, most likely). Just lots of change, at what I feel is a somewhat sensitive age for all that. Am I worried about nothing? What does the hive mind think?
(Of course we'll talk about these things closer to when they happen, and maybe they'll be fired up about transitioning. We shall see.)
There's a three-minute standup routine in the changes that happen during the teen years, too, especially with the words "slobbering", "talking", and "bathroom using"...Being home with kids is vital... you can always go back to work when they are gone. (if you must)I'm appreciating this more and more as my kids get older. I'm 1 year into ER and have watched my youngest go from a 1.5 year old blob of slobber to a 2.5 year old talking, reasoning, bathroom using little man. The changes are so evident at this age.
I think that parenthood leads to a fundamental conflict with most careers, especially in jobs demanding more than 40 hours/week. I didn't want 12 weeks of family leave, and I didn't want six years off until the kid started school. I would've been quite happy with cutting back to 20-30 hours/week with an equivalent pay cut but nooooooo....
Our daughter was born in 1992 and I discovered "Your Money Or Your Life" very soon after that, even though I was sleep-deprived and overworked. Coincidence?
Then, the moment they go to college, we'd retire completely. It's possible that we'd fully retire beforehand, but we'll cross that bridge when we come closer to it :)
Hm. For fun I went to FAFSA and put it some made-up numbers.Then, the moment they go to college, we'd retire completely. It's possible that we'd fully retire beforehand, but we'll cross that bridge when we come closer to it :)
Our plans is to retire BEFORE the first one goes to college. Specifically, before the tax year relevant to his first FAFSA application, so probably two years before he goes to college.