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Question for the Money Doctors

Question submitted on Jun 25, 2011.

Question

My wife and I make combine 80k a yr. We have about 50k left in a mortgage. We also have about 180k in stocks and IRA''s that we max out every yr. We have no credit card bills or vehicles payment. We combine put about 21600k each yr away in mutual funds and IRA''s which we do max out. Can you tell us if this contribution to our retiremnt nest eag is aggresive enough for us to retire at the age of 60. Thanks again. Our age is 39 and 38.

Answer

Unfortunately, there are too many variables left unanswered to give you an accurate answer. However, based on your current debt load and retirement contribution amounts, it appears you are well on your way to a comfortable nest egg to begin your retirement.

In a greatly oversimplified scenario, it''s possible for you to have a nest egg of over $2 million assuming an average return of 8% during your remaining contribution years.


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