Reply to Should I stop daydreaming about retiring at 55?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous] I think you can do it.  But you need to do 2 things:

-Increase college savings.  [b]We have been savings $8k a year for our kid since she was 1 and we will not have enough[/b] (she is now going into 10th) for private.  I would say 12K a year if you want it fully funded.

-Start saving in a brokerage and/or a HYSA too.  You need 4-5 years of cash you can draw on between 55-59.5 to supplement your pension before you can get to your retirement vehicles.[/quote]

You must have done something wrong. How much do you have? and how much do you need?
We have have been saving about the same $8k for our child since he was born. We have about 420k right now. He is starting college this year. [/quote]

+1 PP's numbers don't add up. They have put in 120k over 15 years so assuming an average return they should be in good shape.

But actually if OP is worried about the 529 I would consider superfunding it now so that they don't have to worry. They could put in 25k this year and next and that would enable them to reduce or even cease 529 contributions well before their kid hits college age. Similar to paying down a mortgage this can be a way to set yourself up for an earlier retirement by absorbing some of the pain now when you are younger and healthy and have a very good income.[/quote]

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