Clawing our way to financial independence

We had another meeting with the Financial Planner at our new credit union, and I am very pleased. What I liked most about her was that she was encouraging rather than discouraging (like the loan person was last week).

The basic picture is this:
Liabilities- 80k in debt, 231k mortgage
Assets- 275k house, 10k in paintings/other assets, and about $2k in savings and RRSPs

We assumed 4% inflation (I have seen this range from 2-4% so I guess it was on the higher end)

We assumed Mr Wooly and I each will inherit 150k from our parents when they die in 30+ years. This is the part I am the least comfortable with. Who knows how much you will ever inherit? But it was part of the future projection. I can relate this to my work - we were doing a Life Model just like I do Forestry Models. You make your best guess to the future and then revisit and refine every few years as things change.

Once our debt is paid off in 4 years (she gave us a year's grace from our 3 year goal) we will be putting $30k a year into RRSPs and savings earning about 8.9% interest. I think about 1/3 was in savings for purchases, and 2/3 in RRSPs.

We will live on 36k a year in retirement, which would more than maintain our current lifestyle.

Our goals:
Mr Wooly to retire at 60 (16 years), me at 55 (21 years)
We want to travel yearly if possible
We would like to buy a vineyard in 10 years
We would like to pay for our children's (we have none now) university education.

The results:
We CAN retire when we would like too! Yay! I know many people want to retire sooner than we have estimated, but I am just pleased that we can reach some of our goals now.

We can pay for our theoretical children's university.

We can travel probably every other year or every 3 years right now.

We can buy the vineyard in 10 years as long as we assume some of the amount in a mortgage (we won't have enough savings to pay it all outright).

My thoughts for future:
I think we would like to retire sooner. Our incomes are certainly going to be increasing, and I expect we will be able to save more than we have projected. Also, I know I overestimated in how much we could live off in retirement- this could be lowered perhaps in the future.

The best part is that DESPITE our debt, we can reach our goals if we get the debt paid off in 3 years.