Ages: George 39, Wendy 33
Occupations: Benefits lawyer and homemaker
Salary: George made $175,000 in 2006

Retirement accounts - IRA and 401(k): $263,000
Bank savings: $15,000
Home equity: $90,000

Getting on track to becoming a millionaire is a great feat. Getting there with a family of seven children is a testament to serious planning and determination, and George and Wendy Cicotte of Kennewick, Washington are on the way to making it happen. The Cicottes have seven kids ranging from 4 months (not pictured) to 15 years old, and they expect to have at least one child in college every year from 2009 to 2029.

Despite the expense of raising children, the couple is on track to beat the millionaire mark, thanks to George’s thriving law firm and a dedication to regularly socking away money. George owns his own practice in Kennewick. Last year he earned $175,000, of which the couple put $25,000 into their 401(k) and IRA accounts. The Cicottes expect their investments to appreciate at 9 percent annually, which would put them over $4 million by the time George retires.

Coming out of college and graduate school, the couple was saddled with big student loan debt. George says they owed $13,000 from their undergraduate education and $30,000 from his law school, all of which they’ve paid off. Their mortgage is their only other debt, and they expect to pay off the $100,000 balance in seven years. The Cicottes say their Mormon faith has been instrumental in keeping them disciplined financially–the tenets of the religion encourage the minimizing of debt.

You could say it’s easy to become a millionaire on a salary of $175,000 per year, but then you have to consider education costs for seven kids. The Cicottes believe that a combination of affordable schools and income from their kids will reduce the financial dent. “We believe that if the kids have to contribute a portion of their tuition, they’ll appreciate their schooling more,” George says. But he admits that his lack of a tax-advantaged 529 college savings account is a potential hole in his financial planning.

The couple took a big risk when George launched his solo practice five years ago, but they took steps to protect themselves. They saved up enough money for a whole year, anticipating that they’d have to live off savings. George’s business did better than expected, however, and money was not as much of a concern.

The Cicottes plan on drawing $200,000 per year from their retirement funds starting in 2027 when George turns 60. They want to increase it to 5 percent per year after that. George would also like an extended vacation before he turns 60–a six-month sabbatical where he could hand over the reins at work. “I’d love to travel someplace cool, or hike the Appalachian Trail as a family,” he says.

Our expert’s take:

The Cicotte family is on a path to very healthy retirement savings, said Frank C. Boucher, president of Boucher Financial Planning Services. But the need for college tuition for their seven children is coming up, even if the kids pay for the bulk of the balance. “If he’s going to do his college funding on a pay-as-you-go basis, he may not be able to maintain the contribution level that he’s currently using for his 401(k) and IRA,” said Boucher.

Expenses are likely to drop a lot, however, once the kids cycle out of the house and complete college, so George could eventually put away even more income.

Cicotte currently invests the bulk of his retirement savings in a target mutual fund designed for people retiring in 2045. He chose the fund because its allocation is more aggressive than one designed for people leaving the workforce in 2035. But Boucher said that, at George’s age, the family would be better served by a slightly more conservative fund. “If he really wants to put his investments on cruise control, he should go with a 2035 fund–it’s going to be less volatile,” said Boucher.

Even the sabbatical is a realistic goal, given what George has earned so far, but he’s going to have to put away about half a year’s salary–or $80,000–to do it with complete confidence, Boucher said.

The family’s emergency fund–$15,000 in a savings account– should be larger, Boucher said. He recommended having $50,000 on hand in case anything happened to George’s income.

Overall, Boucher said this benefits lawyer and his family are on a very good path: “He’s done a very good job in planning his savings and can really have the best of both worlds in paying for his kids’ expenses as well as his retirement.”

–By Rob Kelley, CNNMoney.com staff writer

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