Is My Retirement Plan Off To A Good Start?
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I am 23 years old, a registered nurse. I make approx. $60k each year. I am married a police officer who makes approx. $55k each year. We are both guaranteed at least a 3% raise each year.
I contribute 3% of my income (matched by my employer – 6%) into a 403b program. I have 80% stocks, 20% bonds.
My husband, since he works for the state gov’t, has a deferred comp program, a pension that will be 70% of his final income at age 50 and beyond, and contributes to a 452b retirement fund. My husband said our rate of return during retirement is 10%. (The average pension at retirement for his department is about $60k annually now).
In addition, we save approx $700/month into a traditional savings account. We own our own home outside of Washington DC. We would like to retire around 55, around the same time that we’ll pay off our mortgage.
How much money approx will we have annually, with or w/o social security?
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