Updated over 4 years ago on . Most recent reply
Pensions, Roth ira’s, and taxable accounts.
Good morning everyone. I’m a 26 year old union electrician in north central Illinois. My fiancé is a 24 year old public school teacher. We both get pensions at 59 1/2. On top of that, I’ll be starting 2 Roth IRAs this year and a taxable brokerage account invested in index funds. My big question is am I over saving for retirement? I’ll be around 1.2 million in just contributions into my pension and annuity, not counting raises. We’re planning to max the IRAs every year so 408k in contributions. Then I’m planning to have 300k in contributions over the next 12 years to the taxable account then switch to real estate. By the math we’ll be almost 2 million in contributions plus compound interest over 34 years. It’d be very nice to retire early but we may decide to work to 60. What’s everyone’s opinion? Save like crazy or live more comfortably? Thanks!