I'm working on it. Got a long way to go. Wife is 7 years younger than me, so part of our planning is to set her up so that she can retire when I do. Her parents have had a weird staggered retirement that I don't think I'd want to do. They primarily have their pensions, but just a little bit of savings, so her mom retired in her early 40s from a state school pension system, and dad continued to work until about 60. She then went back to work and is still working at age 58 or so, which is sort of delaying their move down from Alaska to Colorado to help raise grandbabies.
My parents also retired on different schedules (dad twice), and it seemed one was always waiting on the other to have more time available to do something like travel.
Anyway, I hope to hit my goals in my lower to mid 60s, which will put her in her mid 50s. I won't have a pension or social security, so it will be entirely investments, though with a generous match. Wife is presently in a pension system, but I'm tempted to pull her out of it to get my "defined contribution" plan (same employer). If she stays in the pension plan, she won't be getting very much if she retires in her mid 50s, so we are looking at other options for her to be able to access money earlier. Starting to get to a position to add IRAs now too, but considering 457 plan instead to allow easier access to the money at a younger age.
Should also still have some farm income unless her parents sell her grandpas place. A little over 1,000 acres in Kansas and grandpa is 96 now and eating around $9k a month in a retirement facility memory unit. Hard to count on things like that though when you never know how things will shake out. Just two cousins and a brother to share any profits from that with.
The brother though.... that will also be our burden when her parents go. He's slightly retarded, adopted Russian with fetal alcohol syndrome and about 7 years younger than her. Is somewhat independent, but has frequent failings in jobs due to temper and short sightedness or other poor decisions. He will eventually be ours to take care of, but I think her parents are working on setting him up financially, but he won't have any control of it.
As important as a comfortable retirement is to us, I still want to be able to set our children up for success and we are working towards those goals too. I fully intend to be able to leave an inheritance, so that's another reason I'm trying to move away from pension style plans for us.
