A 39-year-old man aspires to retire in five years with a net worth of $3.2 million and an income of $900,000 annually. He and his wife have significant assets but plan for potential expenses to rise with parenthood. They currently spend $140,000 yearly and anticipate the wife may choose to stop working once they have a child. Community feedback emphasizes the need for realistic planning around the wife's potential income changes and the overall feasibility of retiring early, considering their family ambitions and changing financial obligations.
Having long-term financial goals can help you sharpen your financial discipline, especially if success is tied to major benefits like significant lifestyle flexibility.
While the husband is well on his way, commenters are cautious about the husband retiring too early.
Multiple commenters requested that the husband factor in that the wife may no longer want to work once they have a kid.
It's important for all of these retirement calculations to assume that the wife will also retire.
Collection
[
|
...
]