Retirement

episode 56. I quit!

On this episode,we delve into just one topic: Kelsey. Quitting. Her. Job! We describe how we came to this decision, what it means for the family, and how we planned our finances in order to make it work. Kelsey also talks about how she is planning to use her time, what opportunities it affords and what is scary about such a big life transition.

In non-job news, Chris also gives an update on our solar panel system and how it's shaping up financially and ecologically.

Finally, in Love Notes, Kelsey talks about the fun 'Turning the Page' party we held to celebrate her change in work situation (and thanks to Uprooted Kitchen for hosting us!), and Chris thanks Kelsey for helping us ease into such a major transition.


episode 43. Let's talk retirement!

Today's episode is a doozy! After chatting about a phenomenal day date we had (facilitated by College Nannies and Tutors - check them out here and let them know we sent you!) we discuss all things retirement! We got inspired by Kelsey becoming vested in her employer-based retirement account (YES!!), so we run through what it is, how to do it, and how to deal with threats to a good retirement plan. We also chat about 401Ks and pensions, personal savings and passive income, and Social Security. And we run through some ideas on how to strategize for long-term saving, even putting tomorrow's retirement planning in the context of today's crazy politics.

And, in One Big Thing, Kelsey like so many others is missing Richard Simmons, and Chris is lightly contemplating the fundamental structures of American democracy.

Oh, and to play along, check out these great resources. They'll help you think through your own retirement plans:

  • To set up a Social Security account so you can track your own contributions and estimated pay-outs, go here.
  • To check out Vanguard's excellent index funds, which is our main non-employer based long-term savings, visit this site.
  • To learn about 401Ks and 403Bs, here's a quick little explanation.

 


episode 5: When husbands hack your accounts

We went on a coffee date! We also recap Chris's birthday celebrations, which did not include Kelsey's present since apparently she didn't actually place the order. But when it does arrive, it'll be the best boxers ever (which have earned the Dr. Wharton seal of approval). The cardamom cake was awesome; we highly recommend it (we made it without the strawberry filling).

In money talk we're keeping an eye on our cash flow now that our daycare bill is being debited weekly. And instead of spending $600 on a new iPhone, Kelsey spent $0 and got her phone camera cleaned (at BatteriesPlus), woo hoo!

We answer a listener question about how we're saving for retirement. Chris shares his method for retirement planning which includes projecting our income and cost of living during post-working years. Chris's method includes:

+ Estimating monthly income from retirement accounts + Social Security. We used calculators available on the websites of our retirement accounts and activated an account with the Social Security Administration, which provides benefits estimates based on your earnings.

+ Estimating monthly cost of living in retirement. We based this on our current expenses (minus our mortgage and daycare expenses since we will not have these in retirement) and accounted for inflation at 3% annually.

+ Comparing monthly retirement income versus monthly cost of living in retirement. We're looking OK but the cost of putting two kids through college will be a factor in how early we can retire.

In One Big Thing Kelsey is thinking a lot about bacteria and dietary fiber after reading Gut and The Good Gut. Chris is thinking about the power of social networks, both good and bad.