Reply to At what age will you retire and with how much?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]49 year old fed; spouse is 48 and isn’t in govt but makes less than me.  We hit our first $1M around 8-9 years ago in retirement.  We have at least $3.5M combined in 401k/403b accounts.  At least $1M equity in house which will be paid off when oldest is a sophomore in college.  I’ll have a pension at least 90K and we’ll both have social security.  Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then.  No inheritances and I paid off a huge grad school loan debt for law school.  How?  We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans.  Fingers crossed markets are ok 10 years out.[/quote]

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers?  Were you private sector pre-Fed? Something’s not adding up.[/quote]

Are you asking how they bought a house in the early 2000s? I did the same with one salary of about $75k and it wasn’t hard. Now have more than $1m in equity.[/quote]

PP above.  Bought in 22207 close to DC.  Prices did not come down and we had two mortgages.  We put 5% down instead of 10% as DH feared a recession.  I consolidated my many many grad school loans and stretched out the repayment.  Had kids late.  By then we had been socking away max in retirement accounts so hit first 1M while oldest kid was very young.  Like I said before we never owned a brand new car til I reached 47.  Having used cars (still have them btw—oldest is a 1997) there’s practically no tax and we have very high deductibles on them.  We also refinanced a few times between 2007 -2020. Current mortgage rate is a lot lower than original loans.  DH insists we prepay so we won’t have a mortgage and two college tuitions.  [/quote]

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