Wish to retire in 7 yrs. and request financial advice

[Random1]

I know the may go against the grain, but what is the possibility of your wife working a little longer?

[Hatton]

Some good suggestions have been made. I would really look hard at your expenses. Really track every penny. I did this a few years prior to retirement and found lots of small saving wins really add up. Make your spending mindful. It can be hard to save money and do the research to find the best options but it is doable.

[afr]

Some good suggestions have been made. I would really look hard at your expenses. Really track every penny. I did this a few years prior to retirement and found lots of small saving wins really add up. Make your spending mindful. It can be hard to save money and do the research to find the best options but it is doable.

My wife and I have been trying to watch expenses greatly. Thank you for your reply.

[Dontgetthejab]

I'm hoping to have the mortgage paid off(or close to it), no more life($1200/yr), disability($2300/yr) or malpractice($1500/yr) insurance. Auto insurance is currently $2800/yr and medical is $1340/month(though I'm assuming mine will decrease somewhat when I qualify for Medicare in 5 yrs; will have to carry my wife for a few yrs). Our property/school taxes/homeowners ins) are currently in an escrow account and paid thru our mortgage co($3200/yr) and homeowners is $768/yr. Heat/electric averages $140/month and water averages $80/month. We really don't vacation(at least not planning to in the near future) and would like to sell our townhouse(approx value $340k) in 7-8 yrs when I call it quits. We'd like to downsize to a less expensive 55 and over community in the Phoenix,AZ region(Sun City, Bullhead City may be possibilities) since one of our children lives in Scottsdale.

You may know this ....For 340k, you could get a townhouse in Scottsdale, not large but maybe a 2 bedroom w decent amenities....sun city is way the heck out there . Expect atleast 45min-1hr from Scottsdale to sun city on a good day w “light traffic”...

[RocDoc]

You’re already looking much better than 2020! Good work in the past year. You’re getting close to 1M in investable assets now. Keep saving and working. Read Mr Money Mustache starting at the beginning posts in 2011. There are some good tips to save money.