John Smith 40 years old, police officer for Highland Park Police. Plans to retire at age 52 on police pension which will be 40k/year. Has limited savings, 10k at most but has a home that he purchased with no mortgage that is worth about 250k.

Jane Smith 39 years old, school teacher for Highland Park school system. Plans to retire at age 60 with a pension of 100k/year. Has savings from inheritance of 300k. Has a home worth 500k with a mortgage of 390k which she pays at 4.75% interest for the next 30 years.

John and Jane have two children Jim and Jo and they are 10 yr old twins.

Jane has an IRA from her prior job that has about 12k in it invested in S&P500.

John has a Ford truck that he spent 35k on. Jane has a Toyota SUV that she spent 45k on. Neither has a car note.

Jim and Jo each have 529 college savings accounts with 20k in them respectively.

John would like to work part time after retirement at a local school where he would earn 15/hr. He would like to know how many huors he should work to maintain their lifestyle.

Jane does not want to work past retirement, she is very risk adverse and does not want principal loss for her portfolio.

In addition to the mortgage, John and Jane spend 2k/mo on expenses.

Jane owns a small rental property that she values at 300k which she pays 1k/mo in expenses and received 2100 in rental income.

They would like to understand if they can retire at the ages they plan to retire. What they need to do in the interim to save money, are there any options to lower expenses with your help? Can they maintain their lifestyle? They need to understand their tax bracket and how that is affecting their spending as well.