in less than 20 years, at age 55,” says Michael, “so we invest both inside and outside of our employers’ plans. So far we’re on track. We’re not committed to retiring at that age because we both love what we do, but we’re planning with that goal in mind. By then, we expect to have enough saved so that we can keep working or retire comfortably–we’ll be in control of our own future.”
To Do List
- Create an estate plan that includes a will and a person to act as executor of your affairs.
- Carry six to 10 times your annual household income in life insurance coverage.
- Purchase a home with an adjustable rate mortgage, or refinance your current mortgage at a lower rate.
- Start tax-deferred education funds for your self and children.
- Invest outside your traditional retirement plan.