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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The financial advisors will always tell you what you have saved is not enough. I have saved 16 times income (if you exclude the 60k my husband and I put in each year into our 401k). My husband is 55 and I am 50.

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Our financial advisor tells us we're good.  If I exclude the amount we are putting into our kids' college fund and retirement contributions. we will have 16x our HHI.

Your savings should be based on your expenses, not necessarily your HHI.

The kids will also be in college when we retire, so our expenses will go down - utilities, food, gas, but since we plan on retiring before 65 we will have to pay for private insurance, which yes, I know, is expensive. We've had private insurance for many years.  Most of the kids' expenses (room and board) will be paid out of their college fund, and they are planning to get PT jobs in college to pay for their extras.
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This 16x HHI calculation is interesting to me, primarily because using a conservative estimate of 5 percent annual growth in our investments (which are about 100 percent in equities now), at our current savings rate, we're on track to have 23x HHI by the time we retire. And yet I always assume we're saving just barely enough! I suppose I'm possibly being over-conservative now...[/quote]

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