Comment by paulryanrogers
11 hours ago
Even with this strategy, you're not retiring at 45 unless you are frugal, have cheap hobbies, and never have kids or a non-working spouse. Also take care that you don't have any parents, siblings, or extended family that come to rely on you. Also don't forget expect to live anywhere even remotely expensive, unless you like camping.
My wife and I have kids and live on a single income, and we're on track to retire in between ages 45 and 50.
We live in Ohio, and I suppose we would qualify as frugal and having cheap hobbies. But I certainly don't feel like we're missing out on a lot.
We also set aside over $1,000 a month for giving, with some of it going to various individuals and organizations automatically and some of it just waiting for when we see a need.
You're not wrong, a family is more expensive. But if both parents pull the same (or similar) salary, it is enough to still retire at 45. Requires using more tax-advantaged plans to play for college, and may not work well in expensive cities.
Re: cheap hobbies, I used to date a public school teacher. She would save to go on guided trips to Antarctica, Peru, the Galapagos, New Zealand. You can live an amazing life if you plan for it.
> non-working spouse
Does that mystical creature still exist? Or is it perhaps more likely if one of the pair has a high yield income?
The median household income in the US is $83,730 [1] - half of households are on less than that.
If you earn $100k and are willing to have the median lifestyle, and you can find a spouse that's willing, then the numbers work just fine.
Challenges include lifestyle inflation; housing costs if your six-figure job is in an expensive area; and finding a partner who's willing to be put in what is often a vulnerable and low-status position.
[1] https://fred.stlouisfed.org/series/MEHOINUSA672N
I know multiple coworkers in their late 30s to mid 40s, none of their wives work.
Not sure why this was downvoted; it doesn't say you shouldn't do all those things, only that they're no guarantee you'll be able to retire at 45.