Children and Retirement (2015, married, twin, housing)

[StealthRabbit]

Originally Posted by Teacher Terry

Kids don’t have to be expensive. We had 3.

Agree... There are many ways to skin the cat. Don't need to feed it money. You will need $2m in assets to retire, get there as soon as possible. Retire while kids are home. You can go back to work later, if you must.... In the meantime, be a family and love it.

[TooManyChoices]

I was 45 when we adopted a child. Best thing I ever did. But go for it soon as you are running out of time.

[emm74]

I had my kid at 42, he just finished his freshman year of high school. Early retirement is a complete non-starter but that's fine, I would never change the past years of being a mom for that. I have a desk job and my plan and hope is to work until I'm 70, which gets me through the kiddo's college years, and then I have a few years to save more aggressively if needed, although I think I'm reasonably on track already. ETA: at my workplace, we've had people work into their 80s, so 70 is not at all an unrealistic expectation.

I did stop at one kid though, which is a big reason why I feel reasonably comfortable about retirement. And we live a fairly modest lifestyle, which is what I'm looking to replicate in retirement, so my needs are more modest than some.

[Serious Conversation]

It's fairly obvious that you all are quite affluent. From a strictly financial perspective, it won't be a problem.

[ChessieMom]

Originally Posted by Mstrlucky74

So I'm 45 and my wife is 40. We are trying to have kids. I was on the fence but really do want children. My wife had some health issues that out having them on hold as well. I know we are starting late but what will be will be. I do have a question and concern regarding retirmement and whether the kids will ruin that plan due tomorrow older age..lol.
Here's a financial.snapshot and I understand the future is uncertain regarding financial obstacles that will come up over the years.

I make about $170k
Wife about $50k
We will both continue to work

Have about $250k left.on out mortgage with about $100k equity.
We have about $600k in 401k accounts and will continue to max out.
$15k emergency fund
Other total debt is about $7k

I'm thinking having kids this late I'm basically going to have to work until at least 70. I'd really like to get out of work force at about 62.

I'm in union and will also have lifetime medical and pension of about $3k month.

Will having kids this late have me working until I'm almost dead? I know they cost a whole lot..lol

Thanks

I had my son at 37. I plan on retiring at 66. He has had zero impact on my retirement plans. ( And yes we did the college thing). I split with his dad when son was 5, and got no child support because ex was financially unstable at the time. We split college costs however. I never made anything close to what you make. If you are lucky enough to have a child this late, then you'll be fine (assuming said child is healthy.)

Where do people get these ideas that raising a kid costs an arm and a leg? They don't.

[Q44]

We have 3 kids. I was 35 when we had the first and going on 41 when my son was born, with one more offspring in the middle. All 3 picked SUNY colleges with highly marketable degrees. Middle girl has a full tuition scholarship. Youngest just finished his freshman year.

Realizing my age compared to what their ages would be when they were in college I opted to max and I mean max my 401k and when the time came, use the funds in the 401k to pay for their college educations. Even having paid off 2 college educations so far I still have what I believe is a comfortable balance in the retirement account and retired last December at 59.

[BeaSeo]

Originally Posted by Mstrlucky74

So I'm 45 and my wife is 40. We are trying to have kids. I was on the fence but really do want children. My wife had some health issues that out having them on hold as well. I know we are starting late but what will be will be. I do have a question and concern regarding retirmement and whether the kids will ruin that plan due tomorrow older age..lol.
Here's a financial.snapshot and I understand the future is uncertain regarding financial obstacles that will come up over the years.

I make about $170k
Wife about $50k
We will both continue to work

Have about $250k left.on out mortgage with about $100k equity.
We have about $600k in 401k accounts and will continue to max out.
$15k emergency fund
Other total debt is about $7k

I'm thinking having kids this late I'm basically going to have to work until at least 70. I'd really like to get out of work force at about 62.

I'm in union and will also have lifetime medical and pension of about $3k month.

Will having kids this late have me working until I'm almost dead? I know they cost a whole lot..lol

Thanks

I think you would have no problem having one child now and still retiring at 62 (about the time he/she starts college; you can visit them for fun). You and your wife are well ahead of the game savings wise. Just keep it up. You may want to start a college savings fund in your name when your child is born; it should be a good chunk of change when your child is ready for college (and if he/she does not go, or funds college themself, you can buy an RV or something). Go for it. Do not overthink it.

[Moonwalkr]

Kids are expensive, as others have noted. That being said, if you are serious about having kids, that should not deter you from your plans. You must continue maxing out your retirement. I also recommend retiring 2 years before your kids go to college, to maximize financial aid. Best of luck!

[delhidi]

I adopted my daughter at 42. She graduated from college last year and is working full time and just moved out on her own. I'm still working but it's not because she "drained" my finances. You are pretty set financially. I say if you desire a child in your life go for it.

[Mstrlucky74]

I can't thank everyone enough. Really appreciate the advice.