Trying to learn what i should do to get into early retirement late to the game. I am 42, 2 children ages 23 and 17, 17 year old plans to be a surgeon, total annual income 140,000. I participate in employer stock option plan and 401k. Where do i begin?

like
Posting as :
works at
You are currently posting as works at

Make sure you have an emergency fund somewhere safe. Get full match if any in 401k, max HSA if applicable, max Roth IRA, more to 401k up to match. Then use a brokerage account. If you are trying to retire early, getting started late is not ideal, but can be done if you save a ton and cut expenses. You need to look at what you have now, how much can you save and what will your expenses be in retirement

like

This is good advice. To add, make sure to put investments in a moderately aggressive fund, not something too conservative.

The biggest benefit you will get from maxing out your tax advantaged instruments is forcing yourself to live on less. If your $140k salary FEELS like a $110k salary or less, it will help you set expectations for retirement.

like

Couple things:
1) What constitutes “early”? Are you aiming for retirement at 50? Or before full retirement age (assuming you are US based). Time horizon means a lot.
2) When you can retire is largely based on your net worth. You mention income and a couple of savings vehicles, which is good, but there’s also the debt side of things (mortgage obligations, credit card debt, car note, etc). Similarly, note how much you plan to contribute/set aside to your children’s education.

I would recommend using one of a myriad of online retirement calculators to see what your current trajectory is based on current income, saving rates et al to see where you are tracking towards. Then you can play with the assumptions of how much more you need to save on a monthly/annual basis to save to hit your “number” sooner. Good luck!

like

Related Posts

Serious question - is there a reverse FIRE strategy? I like the idea of saving and retiring early, but the one hiccup I see (and sorry if this is grim) is if you die earlier than expected. I’d be worried that I would minimize lifestyle and fun for retirement at 50 but I’d die at 49. How about a way to work 9 months out of the year and retire/travel/relax for 3 months? This way you guaranteed your dreams/etc. are fulfilled

likesmart

I joined a company last week. I am planning for pregnancy this year. If i become pregnant, are there any issues i may face from employer like they can question that i recently joined and within a year or so im going for maternity leave of 6 months ?

like

Does anyone have insight into how strong BCG’s healthcare practice is? Thinking more payer/provider than life sciences or med tech

like

It's more like 25% of your highest paying year but there are many variables. But there are more wealth accumulation vehicles besides the pension. Plus health care.

like

What is the Medical Insurance amount provided by the DTICI? And for this, premium will be deducted in the monthly pay? Or it'll be taken care of by the employer itself? Any info regarding health insurance is not provided in the offer letter. So, I'm willing to know about this.
Would anyone please clarify this query.

like

Best first credit card? I am 21 and only have store credit cards. I love to travel so looking for one that has good rewards.

like

Looking to gain an understanding of Demand Gen Manager (marketing) roles and typical salaries. I have 7+ years of experience but also have a very nontraditional background so it seems hard to be considered for director level roles and above.

If anyone has insight into standard salaries for this type of role I’d appreciate the insight. Currently making 100k with stellar benefits.

like

Has anyone made the switch from firm life to 1099? If so, what benefits and drawbacks have you experienced with the move?

like

Iam 5 month pregnant , thinking to get release from project due to health issue and taking maternity leave from april 1st, at this situation can I be in bench for 3 months and go in maternity leave ? Will this affect my job in Accenture? Will the organization allow to be in bench for 3 months? If iam in bench during maternity leave will i get variable pay

Currently I work for a mid-sized InsureTech that’s had 2 rounds of layoffs in the past 6 months. Salary is 100k, with no defined bonus. I have close to 4 years of PO experience. I am debating whether I want to leave since my boss is very chill and I have amazing WLB. Benefits are eh. 15 PTO days and healthcare premiums are okay. Should I jump ship? What could I be making at a bigger company? What types of companies are most stable right now?

like

Has anyone raised their rate in the last couple years? I feel like I’m maybe at the maxed out point. But healthcare and rent keep going up. (I’m in NY).

How much cash do you keep in bank accounts? I have 50% in RE, 25% in market through retirement and education accounts and 25% in cash. Always think it’s too much cash but have never been able to gather courage to put more than 25% in market which I already have through 401K and 529. Any ideas on what to do with money just sitting in the bank earning no interest with 9% inflation eroding the value every single day

like

Deducting S Corp owner health insurance when they aren't really an employee? Owner doesn't do anything for the business anymore, but still wants the health insurance.

"Health and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by the S corporation and reportable as wages on the shareholder-employee’s Form W-2, subject to income tax withholding."

like

Thoughts on getting medical coverage via employer when I have VA healthcare? I go to doctor only for annual check up, no existing conditions. I leaning towards not getting it with my employer but what are the cons of doing that?

like

Happy go luck male 52 seeking a friend with benefits in sunny old London. Chat now meet later 😊. Interested DM me.

like

What percent of salary you guys are investing?

like

Does your job offer a pension? Care to share? I’m wondering if ours is competitive and also wondering whether to stay or leave for greener pastures?
Population: around 35K; 5 years to vest; retirement age 65; pension calc based on average of last 5 years’ salary times years in service times multiplier; multiplier is 1.25%. TIA!

like

What are the highest paid social work roles in healthcare or otherwise? Bonus if remote positions. I am in the northeast USA and haven’t gotten any offers above 65k which is low for the work required. 2 years licensed and experience in a healthcare setting.

like

I've worked at the same engineering firm for 4 years. I'm currently making $161k with only a $750 bonus, but excellent vacation (4 weeks, cash out anytime, rolls over indefinitely), 45 hours a week. I have an interview with a recruiter at Guidehouse this week for a Technical Project Manager role. It seems to be focused in the government space and requires a security clearance. What sort of salary and benefits could I expect for this sort of role at Guidehouse?

like

More Posts

Feeling in a rut. Want to plan a trip but not able to get excited about traveling/other parts of life. Is this normal?

like

Any advice about class management in a desk top computer class? My class was very loud with so much calling out for help. I tried to create class helpers but there was so much walking around. 2nd yr

What is the usual hike percentage one should expect after RT?

Hey fishes,

Capgemini looking for below positions.
If interested please let me know.

Post Photo
like

Are there any brands I should be taking advantage of when I tour Spain and Portugal this fall? I’d like to get a new purse and maybe shoes/belt and want to work the exchange rate and VAT

like

I’m a technical consultant but sick of the low pay and bad benefits at SI firms. I have some opportunities at Big 4 with better pay & benefits. Will it derail my career to move to Big 4?

like

This is just a repeat of last March so we’ll all be rich again by summer

funnylikehelpful

Has anyone ever regretted Invisalign? I’ve been considering it for awhile but am reluctant because of the commitment. Has anyone ever done it and realized it was “too much” to see through? Thx!

like

What's the typical raise from A2 tax to S1?

like

the main partner I work for hasn’t been giving me consistent enough work (or type I want) so while I work for him still on some deals, I’ve had to go and get other work from other partners. He doesn’t regularly check in on what I’m working on. He keeps volunteering me for projects without checking if I have capacity and if he expected to know everything I’m working on… he would’ve thought I was just doing nothing the last 2 months. I don’t know how to address this workload balancing with him!

like

Morbidly bemused at people suddenly realizing Gilead is a evil company today!

likefunny

Thinderstorms make me feel revitalised and fresh, please tell me I’m not the only one who loves a good thunder crackle and juicy lightning strikes.

like

Are there firms in LA that are known to have good work cultures? Thinking about moving to LA from NY.

Recently graduated from university with an engineering degree in 2021 and started working as a field engineer but realized I want to try business management consulting. Any advice for a young experienced hire looking to transition?

like

I firmly believe leadership makes the difference.

Not only, it highlins each one's value, but especially spreads this value among others.
I'm speaking about life, in a broad sense, which also include work life, but it is not limited to that.

Looking for any kind of suggestion to improve my leadership: books, experiences, attitudes, daily-routine, ...

Thank you!

like

Any book recommendations to gift my cousin sister? She studied (masters) psychology and is a trained classical dancer.

like

Tampa lawyers who work downtown: where do you live? Looking to purchase a house soon and am trying to decide between a low commute time (crappier house and a tight move financially) and a longer commute time (nicer house and more comfortable financially). The longer commute time also comes with better public schools, and I want to have kids.

like

I have been in leadership marketing roles for about 10 years and overall have marketing experience of almost 20 years (all for in-house SaaS/tech/digital orgs). I'm looking to transition out of marketing and try something different that would compliment my skills. What are good roles to get into where I don't lose out on seniority and salary?

Is it normal for my psychiatrist to ask to schedule an appointment to lower the dose of my Ritalin XR prescription?

I’ve been on the same dose the past few months but recently it’s been causing a pretty bad crash for me so I wanted to lower it. Why the hell do I need to pay $60 for 10m of her time to prescribe me a lower dose of the same meds?

I’m wondering if I’m overreacting, or she’s purposefully trying to just get paid more

like

Additional Posts in Personal Investment Chatter

If the market were to crash or go semi-down again, would you liquidate a portion of tour 401K ($50k or more) to invest it in stocks? Because the ROI would be greater?

like

If you kids are the beneficiaries on my will — can I put one of them as the primary executor as well ? I’m divorced btw

like

Moving to Dallas soon. Does it make sense to buy a condo or house even if I dont think I'll stay there for more than 3 years? I have family there that can help me if I decide to leave and rent this property. Any thoughts? Just dont want to keep paying someone else mortgage. Also want to take advantage of low interest rates.

like

Thoughts on a high yield savings account (~2.25% interest) vs a money market account (~2.5% interest)?

like

Anyone bullish on the marijuana market? CGC, aurora etc?

like

Anyone use composer.trade? Seems intuitive enough but lacking some fundamental features.

like

I make $140k in New York. Should I invest a Traditional 401K or a Roth 401K or do a split?

like

Any advice on the following investment mix? Late 20s, invested in funds mostly and not really looking at individual stocks. Long-term play and trying to maximize growth. Any of these duplicative, any I should specifically add/remove or consolidate? Thanks!

PS - Ignore the SPAXX

Post Photo
like

Currently building a house, 6 months to go and have down payment and a little more in a HYSA. Is it wise to put the remaining in an S&P 500 ETF to capture some of the bull market or hold onto cash?

Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

In consulting, it's not unreasonable to make 300-500k+ HHI by age 30. What's a good net worth goal by age 40 or 50?

Is 5m by 40 and 20m by 50 unreasonable if you're able to keep expenses low and invest?

funnylike

For those who save a lot of money or have received a large inheritance. Such as someone who doesn't owe a mortgage or have any major expenses, or owe any debt...

What are you planning on doing with the money? I have 200k indexed along with money in my retirement and I spend on average about $500-700 a month total. I am saving about 3k a month between retirement and brokerage.

like

How much margin is appropriate/recommended on a percentage of portfolio basis? I used to use about 10% but now that we’re in a bit of a correction it’s closer to 20%. I really want to add to positions on these dips but it would only increase the risk given the margin exposure...

like

Any online savings account recommendations?? Want to get a gist of what comps ppl are using. Please and thank you!!

like

Selling 2022 sealed and brand new Kaplan CFA Level 1 books, comment or DM if interested

like

I have $40,000 in savings and 0 debt. Looking for additional sources of income, how can I get started in real estate? Do I need to save more? Currently renting an APT.

like

What do you guys do when you like a mortgage provider but not the specific lender you spoke with? I have a lender that seemed rly immature and a bit rude but I like the company.

helpful

Did you share with your family when you hit a 1M net worth?

like

Is BRK-B a buy right now?

like

How do people save for a down payment on a house? My SO and I make a combined 130k salary, currently rent a 1br apt for $2250/mo, have other debts of 600/mo and 15k in savings. Neither of us have been able to save much since we started to rent the apt (6 months ago). I want to stop "wasting" money on rent and build equity in a home, lay down roots, start a family, but I feel I/we will never be able to save enough for a down payment (NY prices, 400-500k). Starting to feel hopeless &stretched thin

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal