I’m 38, married. Been working my whole life since age 12. I have always saved everything, moved out at 18 and never went back. Bounced around working dead end jobs before I decided I wanted to serve my community.
I'm 16 years into a public safety career for which I earn $125K annually. I max my 457, (Have since 2012) max HSA, utilize dependent care (this year finally up to $7500 thankfully), my employer takes 7% for my pension per check, plus I’m the health insurance provider for my wife and 2 younger children. I only actually take home about $52,000 due to all the deductions. I have 529s for both kids that are on track to have $140K or more each kid once they are ready to draw at age 18 (assuming they go right off to college). My work retirement account has a 457 and Roth option, I contribute to both equally. I have $600,000 in it between the two. I have $260,000 in VOO in taxable, which I contribute to monthly at $800 a month. I have $52,000 of Apple stock which I contribute $70 a week to, and a random $2500 in JOBY that I bought just to mess with awhile back.
In 2035 I will retire and my pension provide me about $7,500 a month in take home but will gradually increase as I do receive COLAS in retirement. I take home about half of that now (Roughly $3800) per month and have learned how to manage it intelligently by living within our means. I live a very modest life and don’t spend a lot of money outside of things that are truly necessities. No Vacation homes or anything like that either. My wife is the same way. My wife will be working well past 2035 and I can be on her insurance policy along with my kids who will both be teenagers in 2035. I’ve projected the VOO to be worth about $750k and the and the work 457 to be about $1,700,000 in 2035. I selected VIIIX as that’s the best option my work 457 offers for low expense ratio. The apple stock? Who knows. I have an emergency fund as well. Our house will also be paid off in 2035 as well, which is a $2700 per month mortgage. I refinanced to a 15 year 1.75% in 2020 on a hunch and was lucky with the timing. My wife’s investment balances are very similar to mine but she will not get a pension. I will be 48, and I’ll never have to work again. Does anyone have thoughts for me? Is there something major I am missing? I can do this, I think. Thank you all so much for reading this and sending support or ideas to a complete stranger.