Right now we gave no debt and own our house outright. We do plan on moving to a bigger home and will have a small mortgage then. We hope to never aquire any other debt in our lifetime. We do not want children.
Combined Income: 6k after tax a month
We currently save 2k a month towards retirement. This is split between Roths, 401k and 403b. We currently have 150 amonth for retirement. Another 1k a month is spent on buying and trading stocks. Another 1k is saved for liquid savings amonth. My hysband will also receive a pension of 75% of his pay at 55. No SS for him but i will receive it at 67.
Any other things we should be doing?
No matter what you're doing, there is always more you could be doing.
Instead of just saving money and making stock investments, you guys could be investing in real estate. That way you could set yourselves up to have an income later when you've "retired".
Having rentals, flipping property, perhaps getting into commercial properties would put you way over the top and you wouldn't have to think about whether you have enough or not.
Instead of trying to make a modest goal, surpass it by two, three or four-fold. Especially if you're not going to have children and have nothing to lose.
By the way. Why don't you want children? All the money in the world would never replace the joy and happiness my children have brought me. Besides, when I'm dead, they'll be able to enjoy the fruits of my labor. You can't take it with you, you know?
Although retiring early is great, and I did just that at 52 years old, since you don't know what the future truly holds, make sure you allocate enough of your money to do the things you want to do together while you are young and healthy. Financially, you can eventually dabble in real estate. I don't see anything wrong in your plan, unless focused too much on the future and too little on enjoying your daily lives.
There is a way to beat the social security system if you want to do that. Look up the minimum required work to get a benefit. Even though not covered in his current job, it may pay to take on a second part-time covered job.
It isn't ethical, but is currently legal.
what about health insurance? - that will be very expensive on the open market for people in their 50's until you EACH reach 65 - 20+ yrs from now, that may cost you 30,000 a yr just for the insurance that will still have high deductibles and copays and that's if you are healthy and that pension will erode pretty quickly due to inflation - unless you have $2million in the investments by then I don't see your money lasting 30 yrs when you only worked 30 yrs
Sounds like you're doing well, especially if you own a home free and clear. I'm confused by your statement that you "spend" $1K a month buying and trading stocks unless you mean that you're investing that amount each month. I's suggest max'ing out the retirement accounts or coming as close to it as you can.
