Salary increases, lifestyle creep, and retirement balance

[Anonymous]

Remember that $275K will probably double every 7 years based on historical returns. Op is doing fine.

[Anonymous]

just turned 40 and have about $600k in retirement.

[Anonymous]

You’re doing greAt!!!

[Anonymous]

OP, we had a similar increase in income in the last 5 years, also in our 30s, in terms of percentage increase in income and the calculations for retirement look very dire. We are maxing out every legal way to save for retirement in a retirement specific account and it is still not possible for us to catch up according to some calculators. Others say that we will have more than enough. Do what you can, don’t buy a more expensive house or car, bypass private school, and you should be fine.

[Anonymous]

I will never understand how DCUM has so many people who are smart enough to make a sht ton of money, and still don't understand the basics of life.

OP: you cannot possibly be asking this question. It is simply not possible. Or if it is, obviously the only answer is to give up your raise and get yourself to a level where your current savings matches exactly what the retirement calculator says you should have. There is no other way.

[Anonymous]

I think you are doing fine given the big increase over five years. Childcare is very expensive and it's an investment in your child and in yourself, it's not lifestyle creep. But do avoid lifestyle creep as being able to save now pays off big in the future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, I think you're doing fine, tbh. It's all degrees. Many here on DCUM think less than a $5m nest egg is an underwhelming retirement. Get a retirement calculator, use excel, play around with the inputs and see where it gets you. My guess is that you're a lot closer than you think.

I'm mid 40s and I'm at your pace and my calculator computes something I'm comfortable with in retirement (and no, I'm not counting on SS).

Umm you are missing a 1. $15M retirement —- any less is pathetic.

OP, these are the expensive years. You have 25 yrs ahead of you, doing great.

Anything less than $15m is pathetic - posters like you are why DCUM can be so annoying! I hope I don’t know you!

You didn’t read it right. That PP was being sarcastic. OP, it’s very healthy. Yes, these are indeed the expensive years. Once school starts you will be fine especially if you have just one kid.