Hi friends, first time posting here. I just saw this community come up and thought you guys might be able to help me.
My wife and I are both 29 years old, and we dream of traveling the world in early retirement before we settle down a bit.
Currently, the attached image shows $51,985.53 in my retirement account. My wife has $49,193.78 in hers. We presently contribute the max of $24,500 per year and pace it so we hit that exact number by our final paycheck (or penultimate, because my math was off last year). We can easily maintain this pace while using bonuses to pay down our mortgage or some grad school debt.
I’ve looked into calculators that estimate growth, but since I’m only about two years into this level of saving, I don’t really know what to expect in terms of:
- how much to save
- what rate of growth to assume
I would love to retire in my fifties, but I’m not sure if that’s realistic. I feel a bit behind.
Is there anyone with more financial experience who could help with the calculations or planning? If I want to retire in my fifties, would I need to open an IRA and save even more? (I’d probably need about five years to pay off my mortgage first.) Thanks!