Reply to Middle class professionals: tell me about your finances

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[quote=Anonymous][quote=Anonymous]OP, it sounds like you are doing pretty well.

For comparison, I am 50 now, with two teens approaching college.

I am a Fed, DH a teacher.  A decade ago, when we were your age, our HHI was about $145,000, and were putting away 5% for retirement, plus getting the 5% federal match.  Plus, we were putting away a few hundred each month for college for our children.  At that point, our retirement account had about $200,000, and we had $50,000 total in college savings accounts.

Fast forward ten years.  HHI is now about $180,000.  We have continued to save at the same pace - 5% in the retirement account, plus 5% federal match, and now up to about $1,000 per month into college savings.  Right now we have $600,000 in our retirement accounts, plus $220,000 in total college savings - enough to pay for in-state tuition for both our children for four years.

I think we are in pretty good shape - and you are ahead of where we were ten years ago.  So congrats and keep it up!
[/quote]
This sounds like an average for DMV family.  I would agree that you are doing well in that you have a decent 401k balance, can send two kids to college paid for and both presumably have interesting and rewarding jobs.   If you continue saving at the same rate you should retire with around $1.2 million which will generate nearly $50k. Add this to your pension and SS and you should end up with an income that is pretty close to what you currently enjoyCongratulations![/quote]

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