Here's my situation:
43 y/o, married w/ two kids under 10.
I'm in a defined benefit program and I have a formula where I can retire at 60 with 2% of my highest salary times the number of service years I accrued. By then it would be like 32 years. Could/should be pushing $200k/year salary at that point.
Also have access to 2 retirement accounts, a 457b and a 401k. I'm now maxed out in the 457b (at least the monthly amount that over 12 months will equate to the max) and I'm about halfway there on the 401k. So potentially I'll be able to save 38k annually pretax.
My wife is maxed out in her 401k AND her employer doubles her contribution up to 5%. So she essentially gets another 10% of her salary into retirement gratis.
We have about a 4-5 month emergency fund, along with some cash savings and investments that may add up to 100k. We own our house with about $450k in equity. 2 kids, 11 and 8 - we have small college savings accounts for each.
I got a late start on retirement stuff, but hopefully on the right track. Thoughts?
Long term goal would be to retire when I can and reenter the private sector to try to capitalize on my earning years...
