Ages: Frank, 43, Trudi, 42
Occupations: Systems analyst and office coordinator for the state of Illinois
Salary: $119,000 combined
Deferred compensation:
$267,000 combined
Home and land:
$250,000 estimated value
Roth IRA: $2,000
529 plan: $16,400
Online account: $2,500
Savings account: $2,000
CD: $2,000

Utilities: $800 a month
Groceries: $350 a month
Gas: $320 a month
Property tax: $1,200 a year

Frank Furbeck was taught at an early age that even if he didn?t have a lot of money, he should still set some aside for savings. He kept to that motto and is also teaching his sons Josh, 17, and Jake, 13, to follow the same direction.

?[A man] told me that every time I get a raise I should put that money into my deferred compensation, and I will have something,? Furbeck said. ?He was right.?

Frank started working for the state of Illinois when he was 19. Now a systems analyst making $83,000 a year, he puts the maximum contribution of $15,500 a year into his deferred compensation, which has grown to about $227,000.

Deferred compensation is like a 401(k), where an employee defers some portion of his income to a savings plan. It?s not matched by his employer, but the money is only federally taxed upon withdrawal.

Frank?s fiancé, Trudi Morris, also a state employee, is an office coordinator in the payroll division for the Illinois Department of Human Services. Trudi had not started saving aggressively until she met Frank. She earns $36,000 a year and contributes almost half her pay to her deferred compensation by setting aside the maximum $15,500. She has saved up about $40,000.

?We don?t live extravagantly or poorly,? Furbeck said. ?I call it comfortable in my standards.?

Frank and Trudi carry no credit card, auto or home debt. ?I saw my mother struggle with credit cards, and I didn?t want to go that way,? Frank said. He owns all three of his cars and only pays property tax of about $100 per month for his home.

Frank and Trudi have also saved $2,500 in a money market account bearing 3.9 percent interest. Frank also has $2,000 in a Roth IRA, $2,000 cash in a regular savings account and $2,000 in CDs. Trudi plans to set up a Roth IRA, but she hasn?t decided when.

Frank set up 529 plans for both of his sons with about $6,000 each. But when Josh decided to enlist in the army, Frank transferred his full balance into Jake?s account, which now has $16,400. Frank started investing in a brokerage account for Josh with $1,500 in mutual funds. When Josh is employed, he will transfer the money to a Roth IRA. ?It?s never too early to start saving for retirement,? Frank said.

Although Frank stopped contributing to Jake?s 529 for now, he plans to fund 75 percent of his college education.

Frank?s ex-wife sends a child-support check of $475 every month for both sons. Frank gives $200 to Josh and $50 to Jake. They both tithe 10 percent of their allowances, save half of what they have left and use the rest for whatever they want.

As state employees, Frank and Trudi?s health and life insurance are covered by the state. For auto insurance, Frank pays $525 for liability every six months for Josh?s car and $300 for full coverage on the other two cars.

Frank?s house, which he built himself, sits on 32 acres of land in rural Illinois. He spent about $50,000 on construction and another $4,500 on a small barn and fencing. The land and house currently have an estimated value of $250,000.

Each month, Frank and Trudi spend around $800 on utilities, $350 a month on groceries and around $320 on gas. Frank tithes $400 a month to his church.

As a hobby, Frank raises cattle and makes between $500 and $750 for each cow. He also saves on groceries since he butchers some of the meat for himself. His sons have their own cattle. Jake sold a cow and put the $850 he made into a brokerage account.

With the extra cash they have in a month, Frank and Trudi like to go out to dinner at local restaurants. They use coupons and end up spending around $25 altogether. They also save on gas by carpooling to work everyday.

As for wedding plans, Frank said, ?We?ve both been married before, so the second time around is going to be us going away. No tuxes, no dresses, or any of that other stuff.? They plan to get married next year, but have not set a specific date yet.

Frank plans to retire at 53 ½ after 35 years of state employment, which makes him eligible to receive a pension for 56 percent of his salary. He also has one year worth of sick time that he?s using toward retirement and hopes to reach millionaire status by the time he?s 60. Trudi plans to retire by the time she turns 58.

?I live well below my means,? Frank said. ?So when I leave state service, I will basically get a pay raise from what I?m used to bringing home.?

Our expert?s take

Frank and Trudi are well on their way to millionaire status, according to Ric Martin, a Certified Financial Planner at Steinhaus Financial Group. Martin said that Frank can retire at age 53 ½ and Trudi can retire at 53. Both of them will have accumulated $1,910,378 of investment assets by Frank?s age goal of 60.

According to Martin, Frank and Trudi could increase their standard of living to $53,250 per year in today?s dollars and still have enough money to last through age 95. Assuming a return rate of 8.5 percent, this would equate to $73,000, adjusted for inflation, at Frank?s age of 54 and Trudi?s age of 53, Martin said.

Martin said Frank should boost his college savings for Jake to between $3,700 and $7,200 a year depending on what percentage his 529 is making and assuming the cost of college today (between $20,000 and $30,000).

Frank can afford to contribute the maximum $5,000 into his Roth, Martin said. ?His Roth should be invested into high growth and/or international investments based on Frank?s risk posture.? Martin also said Frank should add his CD to his money market account.

Even though Frank and Trudi have done a good job saving for the long term, Martin said they should build an emergency account covering 6-12 months of expenses of $16,080 in readily available assets, based on their current standard of living.

?They have almost no liquidity. Frank should get a line of credit against the house just for liquidity and emergency use,? he said. A bank will likely give them no more than 80 percent of the equity in their house or $200,000, according to Martin.

Frank and Trudi also need to consider disability income needs, which at their age may be more important than life insurance, said Martin. ?In the event that something happens to them, they would likely get 60 percent of their pay, which is then taxed,? he said. ?Their after-tax cash flow may not be enough to sustain savings and the standard of living they are accustomed to now.?

Frank should also review his life insurance because Martin thinks it may not be enough. He also recommends Frank?s deferred compensation should be a diversified portfolio of funds, iShares and some internationals sectors.

Martin said Trudi should diversify her portfolio as well and include some international sectors. ?A Roth is always advisable, but as you can see, they are already saving more than enough to exceed their retirement goals,? Martin said. Instead, they could put that money towards their liquid assets.

Frank said he has a will and is setting up a trust, but Martin said he should consider getting a QTIP trust (Qualified terminable interest property trust), which allows assets to be transferred between spouses. It also keeps assets out of the estate of another person if the grantor dies first.

?In the event of his fiancé passing thereafter, the estate does not pass exclusively to his fiancé?s family and not to the Frank?s two sons,? Martin said.

- By Keisha Lamothe, CNNMoney.com staff writer