Ever since we started attacking the rent house mortgage with a vengeance, we sort of put our early retirement plans on auto-pilot. We’re nearing the end of that goal (yay!), so now we have to take another look at our retirement planning.
Our Current Retirement Savings Vehicles
Okay, so I just turned 30. When I started this blog 3 years ago, we were aiming to retire at age 52. That is still the goal on paper, but we are honestly trying to reach financial independence as soon as humanly possible since self-employment only has one huge downside in my opinion – not knowing for sure when it’ll be a big month and when it’ll be a lean one. Financial independence would give us the freedom to do our jobs without worrying so much. Here is how we are saving for retirement so far:
- 401k – I still have money growing in my old 401k in a target date mutual fund
- My Roth IRA - We fully fund this every year and use a different target date mutual fund
- Hubby’s Roth IRA – We fully fund this every year too and he selects individual high yield dividend stocks
- Scottrade account – Hubby invests this money in high dividend yield stocks too. He makes sure to diversify the investment niches though.
- Rental property – We rent out our first home and plan to do so into retirement.
As of right this second, this is where our retirement planning has ended. I saw this post about retirement tips through Genworth and it seems that we are on track. Nice to feel validated, lol. They even suggest getting part-time jobs in retirement and we have ideas lined up. Hubby is already a varsity sports official and plans to continue until he physically can’t do it anymore. I would love to blog or do whatever replaces blogging in the future. I also love volunteering for charities, so I will at least have a free hobby.
But, good enough doesn’t help my brain turn off the worry train. So after we do pay off the rent home’s mortgage, we will be looking at other options like a self-employment IRA and/or seeing how much more we can squirrel away for possible other rental properties. Rental income is pretty dang addictive. Overall, the possibilities may be endless, but we’ll choose a path when we know what we have to work with…isn’t that always how it is?
How are you planning for retirement? Any suggestions or questions?
This post was inspired by Genworth, but I just ran with the topic since I needed to update you all anyway. All of this is 100% Crystal.