What are your long term financial goals?

[fryjack2]

I know we do monthly and yearly ones here, but anyone up for sharing their long term goals? And bonus add of how they plan to achieve them?

[fryjack2]

I don't have many, and they are achievable as long as nothing crazy happens to H or I or our retirement accounts. Admittedly, these are doable because we both are relatively high earners with only mortgage debt. H did not have loans for any of his advanced degrees or undergrad. I paid mine off before the age of 26.

Goal: Pay for college in full or 90%. Haven't decided if it would be better for them to have some responsibility for paying for it.
How: 529s and savings or cash flow if needed or pay post completion of degree(s).

Goal: Have a property on a body of water and a boat.
How: We could have one now, but doesn't make sense because we don't have a lot of free time to be able to enjoy it the way I would like to. Will continue to save for one and have a bigger DP once we pull the trigger.

Goal: retire at 65 or whatever age after that I would like to.
How: retirement accounts project that I can retire at 62, but not sure I want to. But also not sure I will be doing this same career so not sure how accurate the prediction is.

Goal: Not see, or live with snow unless I want to.
How: see above home on the water goal

Goal: Help pay or pay for grandchildren's college
How: Not sure. It's decades away if it happens at all. Will have to evaluate in 15+ years.

Goal: Donate 20% of income to charity
How: I think if and when our kids are established on their own, we could do this. I would maybe have more feelings in wanting to help them financially before increasing our current charity givings.

[dragon's breath]

New house build:
I have been working on this forever... crooked log house builder, lawsuit with former landowner, then trying to find a trustworthy contractor. May have found the contractor and might get a house built next spring, but things are still so expensive. I've saved some cash, but it's going to take a construction loan.

New vehicles:
Waiting until the new house is built, and then I'd like a newer pickup (current one is a '94 and only half ton), as well as some kind of small motor home. I loved my little old beat up Toyota Tioga, but would not mind something a lot nicer either.

Retire:
No later than 57, but as early as next year at 46. This will all depend on if I am offered an official early out though, because I don't want to walk away from full benefits as long as the job is tolerable. I got a federal job at 21, and started contributing to my retirement as soon as I could (23, because my office messed up my paperwork twice, during hiring and again during open season.)

Those are kind of the last big three. If I can retire early (with full benefits), I'll do so whether anything else on my goal list is done or not, because you may only get one chance, if any, to get out early.

[melmel4854]

Move out of my condo. This is going to be very hard, as the prices around here are high. I would make a decent profit on my condo, but it still wouldn't be enough of a down payment on a new place. I can't afford anything other than what I currently have.

Once I pay off my CC debt and student loans, I plan to aggressively save towards moving.

[sadlebred]

1. Retire at 61-62. This should be feasible. With my health I never know what will happen, and I want to enjoy some good years while I can. I'll have to work part time somewhere for insurance til age 65 or hopefully the Exchange will still be around + so I don't have to pull as much out of my retirement funds. I'm saving all I can while still living for today (See: #heartproblems & metal parts holdin my heart together) and saving for tomorrow. My budget is tight.
2. Travel Hopefully in 2025. IF we get any kind of a bonus next year, this will pay for the trip I hope to do.
3. Save more for emergencies.

4. Buy a horse. No clue how that would happen. I'd almost have to be retired and have the time to drive more than 90 minutes a few days a week to somewhere that isn't $1200+ just for full board/full care for the horse monthly. (doesn't include shoes, blankets, vet bills etc.)

5. Pay off my house. Will take about another 25 years unless I win Power Ball/Lottery.

I won't be building any houses or buying anything fancy.

[melmel4854]

Jun 23, 2024 18:48:22 GMT -5 sadlebred said:

1. Retire at 61-62. This should be feasible. With my health I never know what will happen, and I want to enjoy some good years while I can. I'll have to work part time somewhere for insurance til age 65 or hopefully the Exchange will still be around. I'm saving all I can while still living for today (See: #heartproblems & metal parts holdin my heart together) and saving for tomorrow. My budget is tight.
2. Travel Hopefully in 2025. IF we get any kind of a bonus next year, this will pay for the trip I hope to do.
3. Save more for emergencies.
4. Buy a horse. No clue how that would happen. I'd almost have to be retired and have the time to drive more than 90 minutes a few days a week to somewhere that isn't $1200+ just for full board/full care for the horse monthly. (doesn't include shoes, blankets, vet bills etc.)

I won't be building any houses or buying anything fancy.

Boston is a nice place to travel to. 

[wanderingback]

Get my $350,000 in student loans forgiven next year

Really start saving for retirement so I can retire in 20 to 25 years

Continue to be able to work clinically part time with other side gigs part time which allows me a lot of flexibility while making a high salary so I can save for retirement

[niq]

I'm trying to "semi retire" and teach full time (slightly shorter hours but less of a pay cut) or tutor part time (huge pay cut but very flexible hours) when I turn 50 in just over 5 years.

After a hard week at work I did a spreadsheet to see if we could do it, like, now. We *could*, but it would be cutting things a little too close.

[RockNVoll]

Ultimate goal has always been to retire on the earlier side. We're very close to the light at the end of the tunnel now and, fingers crossed, will be permanently calling it quits by Q1 2025. A few things made this possible:

1. No kids
   
2. Falling into high-paying jobs
   
3. Investing early and consistently (nothing fancy for the bulk of that period, mostly just index funds until about 10 years ago when we went to active management)

In retirement we want to do a ridiculous amount of travel.  Not super interested in doing side gigs or consulting; really just want to enjoy hobbies and do whatever we want with our time.

[ssmjlm]

I thought I had a plan, but both my own health changes in 2023/2024 and my family health history have made me wonder what the future holds. There's the distinct possibility of facing colon cancer, heart disease, and dementia/alzheimer's.

With that said, I plan to stay until I'm 57 so I can retain my federal health insurance in retirement. There are some penalities not waiting, but DH is 9 years older and I think we'll be ok without the small COLA I'll miss until 62.

We've been maxing retirement the last 5 years and will continue to do so. We both have pensions.

Long term otherwise will depend on our kid and what she ends up doing. I would like to be able to have a place near her and then somewhere retirement friendly. We also have a vacation home I will inherit, that I don't know if we'll keep or not. It's location is only easy to get it from certain places.

[wildrice]

I/we really don't have much! It's mostly "do the best we can".

I would really like to retire at 60, but I am not sure whether we are on track for that. I feel ready to retire NOW so the idea of working another 25 years to retire at 67 makes me want to scream, so I have to at least pretend it might be doable to retire earlier!

My H will have his student loans forgiven in about 7 years and our mortgage will be paid off in 17 (if we stay here, which is the current plan). Beyond that I want to just continue traveling and having some money available to do fun stuff. We have talked about retiring abroad somewhere - or maybe even moving abroad sooner than that - but I feel like that's something that would be very difficult to count on right now as there are so many variables that could impact how we'll feel about that in 18+ years. So really, I just want to eventually have no debt and have enough money set aside that we have options as we age.

[Susie]

Somewhat jokingly, I say that my goal is to eventually stop working at least in the summer, and being both financially and physically fit enough to try out for, and make the beach patrol back in the NJ beach town where I guarded in 2001-04.  It's the best job I ever had, although it obviously doesn't pay like niche practice law.  There was an attorney on the patrol back when I was, who used to take time away from his law practice in Vermont to come guard at least a few weeks a year, mostly in the late season when a lot of guards needed to return to college.  It was productive respite from his practice for him, he helped staff the beaches when the city needed it, and was really kind of win-win.  It also gives a purpose to workouts and fitness in the off-season.  He's my role model.

I am a minority owner of my firm now, and at least the plan is that by then I would own more.  So it would be feasible.  The financial piece, professional piece, and fitness piece would have to come together.  Apart from staying fit and working hard now though, IDK what the path looks like specifically for that.  

It also requires that I have better luck than my parents, who spent their 50s battling cancer.  My mom did not live to see 60.  So that sort of hangs over me as well when thinking about retirement.  I fully confess to just tossing the max into my 401k and hoping for the best because I don't really want to map out the what ifs.

[simpsongal]

- Pay off my student loans (should happen in ~2 years, 18+ years of payments).
- Increase stock portfolio to a point that dividends will help pay for kids' college and eventually be a good source of retirement income for us.
- Pay for kids' college, help w/advanced degrees if possible
- pay off mortgage before retirement
- retire at ~58, maybe sooner (I hit 30 years at 55).
- increase travel budget for kids' older elementary/teenage years.
- increase charitable giving

That's basically it for now....the big renovations were a goal for a long time, now we just need to pay them off. If we have grandkids one day we'll probably want to help w/their schooling too.

[simpsongal]

ssmjlm do you mind if I ask the distribution on your TSP investments? I've always heard the lifecycle funds are relatively conservative, so I'm in Lfunds well beyond my projected retirement date. But I do wonder if I should start to reign it in....we do have our stocks and my pension to fall back on though, so I guess I'm open to being a little more aggressive w/the TSP.

(feel free to PM me - I should take one of our agency's various retirement seminars...).

[lilypad1126]

-Pay off my private student loan (I just looked, it will be paid off in 2 years)
-Continue to travel/take some bigger bucket list trips
-I'd love to retire at 55, but health insurance is a big stumbling block there. But my H is older than me, and retiring a little early would give us some good retirement time together.

[ssmjlm]

Jun 24, 2024 12:12:22 GMT -5 simpsongal said:

ssmjlm do you mind if I ask the distribution on your TSP investments? I've always heard the lifecycle funds are relatively conservative, so I'm in Lfunds well beyond my projected retirement date. But I do wonder if I should start to reign it in....we do have our stocks and my pension to fall back on though, so I guess I'm open to being a little more aggressive w/the TSP.

(feel free to PM me - I should take one of our agency's various retirement seminars...).

I believe I am in Lifecycle 2040 right now. Historically it's growth is above market averages last time I checked. I am really a set it and forget it with TSP. I'm in the Federal Employee FIRE FB group but most of them talk about leveraging HSA accounts, which is great until you have a kid that needs a bunch of stuff done.

I'm 42 and will hit 20 years Jan 2025, so my anticipated retirement is spring 2039.

[sadlebred]

Jun 24, 2024 10:48:21 GMT -5 Susie said:

 In some ways I am with you Susie. I'm battling health roulette with my heart troubles. It's one reason I enjoy my hobbies NOW even though both are a bit expensive. They are written into my monthly budget. I also save for the future, and I'll have a small pension.

[simpsongal]

Thanks for sharing ssmjlm , maybe I'll pull back a bit. I'm at 16 years of service now, I have about half my portfolio divided between the L2050 and L2055 funds. I even have a little in pure C fund and 2060/65....

[Roc A Bee]

I really don’t have any beyond, save money and retire around 55. My pension payout may mean staying to 57 or 58.

[niq]

Jun 24, 2024 10:48:21 GMT -5 Susie said:

I am a minority owner of my firm now, and at least the plan is that by then I would own more.  So it would be feasible.  The financial piece, professional piece, and fitness piece would have to come together.

How are you managing workouts between having kids and getting older?

I ask bb/c I'm finding it hard to make time for exercise consistently. And then there's the thing where I get random owies and have to go to PT, and I'm never sure when I should shut down all exercise because something hurts.

V is going into middle school, which starts at 8:55 instead of 7:55, and I think I am just going to become an Early Morning Workout person, then get him to school. Otherwise it's just too hard to juggle the exercise schedule with work and kid activities.

[Susie]

Jun 24, 2024 15:19:25 GMT -5 niq said:

Jun 24, 2024 10:48:21 GMT -5 Susie said:

I am a minority owner of my firm now, and at least the plan is that by then I would own more.  So it would be feasible.  The financial piece, professional piece, and fitness piece would have to come together.

How are you managing workouts between having kids and getting older?

It's constant reinvention, and I'm stumbling my way through.  Definitely no paragon of success over here!  Generally speaking, these days I am mostly running with cycling as cross training, but not really swimming or doing tri's because of the time involved.  I can bike/run straight out my door, whereas swimming requires driving, changing, getting a lane, working out for 1+ hour to get a good workout, changing, driving home, blah blah blah.  

When I do my workouts varies with the season.  In the summer I run first thing in the morning, when it's cooler and when I'm least likely to have a work or family "emergency" pull me away.  I try for that in spring/fall too, but sometimes can fit workouts in during drop off practices for DD (8).  Running is especially suited to that because I can run right out the door of the pool building just as easily as out my front door.  In winter, hybrid schedule/WFH has been a lifesaver because I am able to run during the warm, sunny part of the day (if there is one) a couple days/week, and just make up the work time later.  I have blurry boundaries on work time anyway, it's part of being an equity partner.

Injuries are absolutely an issue, my best resource has been a running-focused PT.  I self-refer whenever something hurts badly enough that I don't feel like I can/should proceed on it.  I'm really glad my insurance no longer requires an MD to refer each time.  

I've trained for and run half marathons in fall 2023 and spring 2024.  I'm supposed to be training for my first marathon (MCM) starting this week, but just as I'm wrapping up PT for a lingering issue from my April half, I think I'm feeling some mild PF which has me nervous.  Annoyingly, I think it's from a several mile walk in unsupportive work shoes at a client meeting 2-3 weeks ago.  Getting older sucks, but leaning back on my tri background, I am really trying to pivot to cycling when I can't run, and not be too serious about time goals/pressure.  Just doing it is the win right now.

[fryjack2]

niq, finding the time to exercise and injuries is such a real thing now that my kids are 12 and I’m 44.

I ran a marathon in April and I work out most days a week in some capacity even if it’s just ten minute abs.

I tend to multitask to fit it all in. Like I did abs while chicken was baking earlier. Right now, my kids are at practice and I’m walking (I ran 2 miles and had to stop and walk because my knee is jacked 😩)

We also make physical activity a family thing. We go for a walk almost every night after dinner. My kids run with me (they kick my butt, but we start together), we play soccer together, etc. I lead a kids run and bagel club on the weekend for my kids and their friends and whatever parent who joins.

In the winter, the peloton and treadmill are key because of how early it gets dark. I base my workout on how much time I have and how sweaty I have time to get. Weekends are when I do longer outdoor runs.

I find it really hard to accept that my body isn’t young anymore and doesn’t bounce back. I’m very angry that my knee is not right and took some serious self talk to not just ignore it and run like I would have 20 years ago.

[dragon's breath]

Jun 24, 2024 12:12:22 GMT -5 simpsongal said:

ssmjlm do you mind if I ask the distribution on your TSP investments? I've always heard the lifecycle funds are relatively conservative, so I'm in Lfunds well beyond my projected retirement date. But I do wonder if I should start to reign it in....we do have our stocks and my pension to fall back on though, so I guess I'm open to being a little more aggressive w/the TSP.

(feel free to PM me - I should take one of our agency's various retirement seminars...).

I've also got TSP.

In my case, the L funds are definitely too conservative, as I'd be able to live off pension alone for all bills and most expenses if I work until MRA (35 years, so I'm hoping for a VERA).  Because of that, then adding in the supplement and SS later, I see those as my "safe funds" and can ride the ups and downs with TSP without fear.  It took me a while to build up that risk tolerance though!

I don't time the market at all, and have been doing 80C/20S for a few years now (once I realized my risk tolerance was higher than I thought).  It's closer to 82C/18S right now.  I do sometimes consider doing all C instead, but haven't made any moves on that yet.

I know that target date funds are supposed to be an all-or-nothing set up, but I couldn't treat them that way even before I got out, because of how conservative I thought they were.  Also, because of how much I fund they have (at least the I fund should be a bit better with the coming changes.)  I was doing 50% L fund, and some C and S before I went all in on C and S.

Definitely take one of your agency's retirement seminars if you get a chance, because otherwise you can get a lot of old outdated info from coworkers.  If your agency doesn't offer them often, I'd look into taking one with FedImpact.  Chris Kowalik is pretty amazing, and all her info she gave was accurate (which has not been the norm with classes I've taken in the past).

[simpsongal]

niq, if it's helpful, my DH has found short workouts in our basement to be one of the most manageable ways to stay fit. I don't think you can understate the importance of weights too. Wapo had an interesting article re the neuro wiring/long-lasting changes to one's body from lifting at 80% max: www.washingtonpost.com/wellness/2024/06/19/weightlifting-leg-strength-aging/

DH works out 4-5 times/week, a lot of times it's weigh lifting (we have a cage, bench, special bar for deadlifting, etc.). He'll knob out push ups and one of those ab rollout things too. He swims ~twice week in the morning, but he does that at like 5:30/6am. DH used to run but it was taking a toll on him, the swimming has been much better for low impact exercise (he was a runner and swimmer in his youth). Sometimes he bikes to work (not lately though b/c of kid activities).

FWIW - I'm not an exercise enthusiast, but I've found a power hot yoga class that keeps me fit and I only go once/week. It's intense in every way and it knocks out the stretching, strength, cardio, isometric stuff in one sitting

[simpsongal]

dragon's breath, TY! We've got great seminars for all stages of fed life, I'll look to take one soon.

[macmars45]

Pay off our house

Set ourselves up for retirement

Make sure autistic DS(8) is set financially as only time will tell how much he can care for himself as an adult

[mrsmayhem]

-Retire early, before 50
-Once kids leave the nest, travel extensively (around 4 months per year)
-Buy a local beach house 
-put kids through college + grad school without debt
-help kids with future weddings, house down payment, other big expenses
-fund extended family vacations and help my parents if they need it in old age
-increase charitable donations

[brooke77]

- pay off our mortgage early (currently have a 30 year mortgage, would like to pay it off in 15)

- catch up on retirement (currently have a bit over 1x salary and would like to be at 3x)

- be able to support DS through college

I am trying to balance saving and spending. We are probably going to downsize when DS goes to college (10 years), so this may not be our forever home. But we still want to pay down the mortgage and be able to use the home sale to buy a new home/add to retirement. We do not plan to retire early, but would like to have the option to scale back.

[midwestmama]

-Pay off our house by July 2028. If DS goes to college, he will start in August 2028, and DH and I would like to have the income to provide some tuition support to both kids. (DD will start college in August 2029, if she goes to college.) We paid off DH's truck a few months ago, and have taken that money and applied it to the mortgage principal each month. With the extra principal we were already paying, it results in roughly double payments to the principal each month. If we continue to make double payments, we should be able to achieve that goal.  (ETA:  We re-fied in 2020 to a 15-year mortgage at 3.25% interest, so this definitely helps us with being able to pay off the loan faster. We have already paid 2 years off of the life of the loan.)

-Retire from corporate America at 55. I have 13 more years to go.  Both kids should be done with college and the house will be paid off. I will likely work part-time at a local store/shop to earn money until DH and I can access our 401ks without penalty. DH will likely retire around the same time (he will be age 57) and also work part-time somewhere.

-Take 1 or 2 more "big" family trips before the kids graduate HS. Thinking Italy/France/maybe Denmark & Netherlands and then a UK + Ireland trip.

-Have time in retirement to travel with DH, volunteer, go to a book club, exercise, and have time to play my instruments (violin & classical guitar) again.

-ETA: Buy a Toyota 4Runner at retirement, if they still are as reliable at that point as they have historically been.  I'd like us to have one vehicle that will last a long time, and DH and I have had an eye on a 4Runner for a while.  (It's not suitable for our needs right now, which is why we haven't gotten one at this point.)

[jinkies]

I've been thinking about this a lot lately.

I think that I only have 8-10 more years in a "career" job. My goal is to maximize my earnings to get my kids through college/ post-high school training.

We aren't in such good shape that I could fully retire at 55, but it's realistic that I could downshift into something very low stress and hopefully not computer-based for the rest of my working years.