Are we saving enough?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:37 years old (both of us). After maxing out both our 401(k)s (DH has an employer match of 6%, I have no match), we take home about 11k. Our mortgage is $2700/month. We are saving/investing about 5k per month of that money. Is this enough? Should we be saving more? We don't live a very expensive lifestyle, but we do go out to eat quite often. Maybe we should cut that out...

So you save $17.5K a year each, plus the employer match of 6% (which I'll assume is at least $6K), plus you save $5K a month on top of that? So you save 100K a year and wonder if thats enough?

Not the OP, but we save a similar amount, have about 1.5M already saved in our mid 40s, and whenever I put my numbers into one of those online retirement calculators it tells me I need to save more. I think that's insane. Apparently I can't safely retire unless I have 5+ million in the bank according to these online calculators.

$5 million is our target.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:37 years old (both of us). After maxing out both our 401(k)s (DH has an employer match of 6%, I have no match), we take home about 11k. Our mortgage is $2700/month. We are saving/investing about 5k per month of that money. Is this enough? Should we be saving more? We don't live a very expensive lifestyle, but we do go out to eat quite often. Maybe we should cut that out...

So you save $17.5K a year each, plus the employer match of 6% (which I'll assume is at least $6K), plus you save $5K a month on top of that? So you save 100K a year and wonder if thats enough?

Not the OP, but we save a similar amount, have about 1.5M already saved in our mid 40s, and whenever I put my numbers into one of those online retirement calculators it tells me I need to save more. I think that's insane. Apparently I can't safely retire unless I have 5+ million in the bank according to these online calculators.

$5 million is our target.

Well it says you need more based on your current income being so high, is my guess. Like, I'm sure it says you need more for retirement than a couple making a combined $80k/year. Because they're already living life based on a smaller amount, they'll need less in retirement. But if you're smart, pay of your house, etc, you, too, can retire on less.

[Anonymous]

When do you plan on retiring? It sounds like you are saving enough as you are able to live on about half of your income. Your mortgage will probably be gone by the time you retire, so you should have plenty of money to have fun/eat at fancy places/travel/etc.