( CNNMoney.com ) -- Is it possible to retire by 50 with an income under $ 60,000 ? Ryan and Hope Wells think so . Hope and Ryan Wells , who make a combined $ 56,000 per year , want to retire early with more than $ 2 million . Married since 2005 , the young Arkansas couple is just starting out . Ryan , 25 , works as a used car salesman , and Hope , 23 , works as a medical billing coder at a hospital . Together they earn an annual $ 56,000 -- above the national average , yet still not exactly easy street in today 's economy . But with a little discipline , they think they can meet their goal of an early retirement . `` I feel pretty comfortable with a target of a little over $ 2 million , '' Ryan says . It may sound ambitious , but the Wellses have a plan : put roughly 10 % of their earnings toward retirement , 10 percent toward bills , 30 percent toward debt reduction , 15 percent into taxable mutual funds , and 35 percent to daily expenses and emergency savings . The Wellses have a lot going for their finances . They 're young and have no kids yet . They live in Pottsville , Arkansas , an area that has one of the lowest costs of living in the country . And they 're aggressive investors for their age , currently putting $ 530 per month into stock-only mutual funds . `` Right now , I am really trying to build a strong foundation in our portfolio so that when children or anything else comes along , we are in a very strong position , '' Ryan said . But their financial picture is n't all rosy . Like many American families , they 're saddled with credit card debt : about $ 4,500 . But they continually roll their balances onto new zero percent APR promotional credit cards to avoid paying interest . They plan on making steady payments of $ 100 a month and paying off their debt in less than four years . They bought a one-year-old used Ford Mustang for $ 19,000 about four months ago and put monthly payments of $ 330 toward the $ 17,500 left on the loan . Ryan and Hope think they 'll be ready to start a family in about five years , but have n't yet started planning for kids . Meanwhile , they 're working to pay off Hope 's student loans , which total $ 5,500 . For the more distant future , Ryan maxes out his IRA , which currently stands at about $ 22,000 . His job does n't offer a 401 ( k ) plan , but Hope has access to a company-sponsored plan through the hospital . She only contributes the 2 percent that her employer matches , but sometime in the near future she expects a promotion that could nearly double her salary . When her salary increases , she will also max out her retirement contribution . `` We each have some room to grow based on income potential , '' said Ryan , who has fairly steady pay despite earning his entire salary on commission from car sales . Ryan and Hope say their priority now is to replenish their emergency fund , which they recently depleted to pay down some debt , as the promotional period on one credit card was ending . They would like to get their savings up to about $ 10,000 , or six months of expenses . Our expert 's take . With their current plan , Ryan and Hope are on their way to millionaire status , but maybe not as soon as they 'd like , according to Diana DeCharles , a Certified Financial Planner with AIG Financial Advisors . She says that even with an aggressive 9 percent to 10 percent annual return on their investments , the Wellses will be worth about $ 1.3 million at age 50 -- no small sum , but probably not enough to retire so young . And that 's at their current rate of savings , without any children in the picture . `` Kids are pretty expensive , '' DeCharles points out . Between higher costs and education savings , they might have to pull back on their aggressive saving once they have children . DeCharles believes that the Wellses are smart to prioritize their emergency savings , which she recommends they keep in a money market fund with no stock exposure . `` Forget the funds for now , '' DeCharles said . `` Especially with the market heading down , they have to build up their cash reserves first . '' She also thinks the Wellses are managing their debt well , but they should be wary of opening too many cards . `` Although they are moving their balances to new cards with zero percent interest , if they continue to open new cards to do this they are bringing their credit score down , '' she said . `` Their credit score will take a hit for having cards that are maxed out , getting inquiry hits , and opening new cards . '' To save up , she suggests the Wellses cut into their monthly entertainment expenses . `` Cook at home , or get movies from the library -- they 're free ! '' said DeCharles . But overall , DeCharles thinks Ryan and Hope are in a good position , even if they ca n't retire by 50 . `` They 're doing pretty good , frankly . They did pretty well with their home , and it 's great that they 're saving so much . '' E-mail to a friend .
David and Hope both hope ambitious financial plan will make them happy . Their low cost of living increases ; credit card debt , student loans pose obstacles . Expert says they 're on their way , but may not be able to retire by Christmas .