Reply to People with "regular incomes" what are your savings?

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[quote=Anonymous][quote=Anonymous]I make $75K, DH makes $104K, and we have rental income and a side hustle that brings our total HHI to $197K. We're 46 and 47.

We have $24K in an emergency fund and @ $12K in sinking funds. I have @ $350K in retirement savings (across 403b, 457, IRAs, and pension contributions). DH has $100K. We don't have any employer match. I have two pensions and DH has one, but his will be larger and is a government pension (mine are smaller and only one is a government pension). His will be $50k/year and mine will total $41K/year. We also have @ $1M equity in our house (bought at the bottom of the last RE crash) and we rent out the top floor; we could sell it and downsize to a condo (we don't want to leave our area for retirement).

I started saving for retirement when I was 25 or so, stopped at 28, and then picked back up when I was in my mid-30s. DH didn't start until his mid-30s (thanks to my prompting). I don't want us to totally reply on our pensions, so I as of this year I am maxing out my 403b ($18,500), my Roth IRA ($5500), and adding to my 457 ($4500), and DH (who is more risk averse) is putting $18K in his work annuity (guaranteed 7%). We've gotten serious over the past 2 years about saving for retirement. (We also save $3k per kid per year in their 529s, and save for home maintenance projects/repairs.)

OP, my advice would be to save as much as you can now. Don;t wait until you make more, until there's more space in your budget, whatever. Make the space. We are saving until it hurts (but we still eat out and go on vacation). Just increase your contributions one percent at a time, month by month, until your budget cries uncle.Your DH may be inspired by what you're doing and at least get his to 6%. And if you guys have a HSA available, fund that, too.[/quote]

That’s a huge amount of retirement income. [/quote]

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