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I wanna hit 8-10M in my vanguard, with a paid off house and the kids college saved up for….so I can comfortably spend 3-400k/yr in perpetuity without having to worry about mortgage or college. Hope to be there and retire in 5-8 years.
I actually don’t buy very much. I’m a minimal. But I love to travel and would love to be able to fly first class.
For 2 people that’s fair. I’m targeting $250k. Currently it’s my wife, me, and kid #1 on the way. Planning to have a minimum of 2 kids, max of 4 (probably will land at 3).
The great thing about kids is that you will have a new found desire for work to fill the time between the school runs. Might as well make money while they are at school.
Subject Expert
I am not a consultant, but I am targeting about $90k per year including healthcare but exclusive of tax, with a paid off house, for one person. Probably more like $120k for two.
Subject Expert
In many cases early retirees can make ACA subsidies when spending more than the subsidy amount, because spending from taxable only sheds income from gains.
Of course Roth conversions can affect this.
$175k/year post taxes with mortgage. $125k/year once house paid off. This includes a $50k travel budget. 3 kids and even though they’ll mostly be in college by then we are being conservative knowing we’d want to support some travel with family and getting them started in life.
We already have what we need to retire honestly but there are too many unknown factors to walk away just yet.
Bowl Leader
$120k with no mortgage
$200K while kids are still being supported and expectation for that to lower to closer to $125K (in today’s dollars) subsequently
~250k, 2 kids
Used to be $100k for 2 (excluding taxes, but expected near 0 cap gains rate), but had a few kids so need to recalculate
Honestly have no idea. Currently a single income household (with stays at home) with 3 kids under 4 and making ≈160k. Currently saving only 21% (mostly an expensive mortgage holding us back). I think the target is about $4m in today’s dollars, not factoring in whatever we’ll do to help are kids as adults.
Hoping raises will well outpace the cost of kids as they get more expensive!
Well my wife stays at home so no daycare. Honestly they haven’t been very expensive, especially considering the tax credit. But I know that changes as they get older and into sports/activities, cars, etc.
Coach
Why fellow consultants specifically?
No reason! Just thought fishbowl was mostly consultants
Floor is $4M, target is $6-7M. Almost $1M is tied to paying for HC unfortunately. Have a few kids, MCOL.
$240k all in conservatively for 2 people, no kids. Leaves room to cut spending $50-60k in years where you hit a rough patch in the markets.
310k/year spend including healthcare and taxes
A good chunk of that is a 2nd house we could sell if it hits the fan.
$300-$400K per year. Target would be somewhere over $10M. Maybe $15M to feel extra conservative
Wow recruiters sure make bank nowadays
About to FIRE, targeting $135K/year before taxes. House is paid off