Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
A year from this August my younger son will head off to college. What advice would others who have faced an empty nest give me and my wife? I plan on working while he's in college and then retiring at 52 or 53 years old. At that point I hope to work part time and focus on my own interests. My wife will likely continue on with her job so we can go on her benefits. What should we be thinking about as we plan for this new stage of life?
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- Joined: Tue Jun 19, 2012 5:13 pm
Since you plan on retiring early the first thing that comes to mind is:
1. Max out all tax-advantaged space
2. Contribute any excess to taxable investing, since you'll need some taxable accounts to withdraw from before 59.5 unless your wife's income and your PT income will be sufficient
3. I'd work on eliminating all debt, to include the mortgage. It looks like you've got ~5 years to get this done before he finishes college, you should be re-evaluating things along the way to determine which moves to make year to year.
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- Joined: Fri May 25, 2012 10:38 am
You will probably be sad when your son leaves but then you'll appreciate the freedom that it provides, and probably will make you closer to him and him to you. Start to enjoy your spouse more and save so that when you get a bit older you'll have complete freedom to do what you want. My daughter when off to college moved out for ~6 years than moved back in for a year and now left again. So be prepared for change and go with the flow. Good luck
"When nothing goes right....go left"
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- Location: New York
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