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[quote=Anonymous]If current house mortgage is not paid off by retirement, we’ll downsize to a cheaper house we can afford to pay full or pay minimally monthly. The key is to be as debt free as possible upon retirement.

We will always prioritize our retirement savings. We only have one child, but she’s free in her tuition because my husband works at a university. If you want to save for your kids college, do it early as you can. Don’t sacrifice your retirement whatever you do. It’s up to how much you can contribute to their college savings without sacrificing to a point you can’t enjoy anymore. You gotta have some fun while raising kids.

If you have a pension, you’re already ahead than others. Pensions are rare nowadays. Contribute to your 401k company’s match as much as you can afford. Nothing can beat a match from your company (free money).

If you have pension, plus decent 401k, and social security, and practically debt free by retirement, then I think you have a decent golden years. Your health longevity and expectancy plays a big role.

All the financial advisors we talked to or advice we read say we need 80% of our current income to maintain our current lifestyle. If not, then we have to lower down.

There’s not one size fits all. Every household is different. But those are the general guidelines we have.

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