7yrs 4 months of service
What feels like the first big milestone, a 6 figure balance.
With "success" I struggle check to check. I maximize (what I can) for my retirement. From the beginning I started with less than 40k salary contributing 15%. I scaled back to 10% when I took a loan to help get my family into a house. Just recently I have bumped my contributions back up to 14%.
The Mix:
14%
7%roth
7%traditional
Broken down into 40% C 40% S 20% L65
Life creep is a thing sure, however unexpected medical bills with the addition of 2 kids to my family has me spent further than I expected.
Mortgage rates are just insane (my rate ~6.5%) on a +$300,000 home 30yr loan.
I am one emergency away from having to borrow against my own money yet again.
(Current loan - remaining balance just under 1900)
I do have some emergency funds outside of my TSP but not much.
I am currently trying to scale down expenses to further my retirement account.
My goal to financial independence is 2 million invested. I plan to work to minimum retirement age of 25 years of service. Leaving me with ~18 more years working. I fear that 2 million will not be obtainable within my age goal. Maybe I work for 27yrs or the dreaded 30yrs of service....
I am currently seeking new employment with the FEDS in order to get more money to push the retirement button sooner. Current salary (75k)
Am I on track? Am I far from my goal?
Is 2 million doable?