1. Pay off mortgage by 2015.
Balance as of 6/26/09: $63,173.
2. Save $1.2 million and retire from rat race corporate life by age 60. (That's $1 million for retirement and $200,000 for healthcare costs.)
3. Build up Emergency Fund.
Goal: 8 mths of living expenses ($24,000).
Current savings: $10,687 as of 5/1/09
Primary Goal: Semi-retire at age 60. Between 60 and 65, I'll only need to work for the health insurance. Options: Find p/t work that offers health benefits or find a "fun" full-time job in my hometown, like working for my local newspaper. I may also revive my freelance writing gigs. Or hope that Obama decouples health insurance from employment.
My mortgage will be paid off at age 56. I plan to defer collecting Social Security until my full retirement age (67) to increase my benefits.
Withdrawing 4% of $1 million would give me $40,000 a year to live on. Once i begin Social Security, i'll have even more.
Monthly Net Income: $3,183
Emergency Fund: $700 (Suspended until sunroom is completed and paid for)
Mortgage Prepayment: $425
Total monthly savings: $2,958
Total annual savings: $35,496, or 46% of Gross Income
HOW I'M DOING
Cash: $1,489
Emergency Fund: $10,732
Traditional IRAs: $230,157
Roth IRA: $21,818
401(k): $17,350
Taxable investments: $100,515
Home value (est.) $327,000
Total assets: $709,061
Debt:
Mortgage: $63,173
Net Worth: $645,888
% of Goal Achieved: 30%
A Few Non-Financial Life Goals
Visit every national park in the country.
Read a biography or autobiography of every president, starting with George Washington and ending with President Obama.
