I’ve been saving for retirement my whole life. I’ve always put in at least 15%. Some years more but always a minimum of 15%.
My current goals:
- Max out all pre-tax accounts at a minimum.
- This includes 401k and (health savings account) HSA.
- Max out our Roth IRA
- Buy a rental that would be our home after we downsize.
- Contribute to both kids, 529 plan.
- Start investing into a taxable account.
According to an FI calculator we need to have $1.6 million. Mr. Midwest Miser insists on only using 3% annually. After crunching some more numbers it looks like retirement will happen in 12.5 years.
December 2030 is our FIRE date. I’m not happy with this date. So it’s time to slash our budget and get more into our savings accounts! July 6, 2018