OP, I'm 40 and don't even have 200K saved. All our money right now is going to childcare (kids are toddlers). You're doing fine.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, I think you're doing fine, tbh. It's all degrees. Many here on DCUM think less than a $5m nest egg is an underwhelming retirement. Get a retirement calculator, use excel, play around with the inputs and see where it gets you. My guess is that you're a lot closer than you think.

I'm mid 40s and I'm at your pace and my calculator computes something I'm comfortable with in retirement (and no, I'm not counting on SS).

Umm you are missing a 1. $15M retirement —- any less is pathetic.

OP, these are the expensive years. You have 25 yrs ahead of you, doing great.

Anything less than $15m is pathetic - posters like you are why DCUM can be so annoying! I hope I don’t know you!

I think poster was being sarcastic and supporting the prior point that says DCUM expectations for this kind of stuff is so out of touch with reality for most of us

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, I think you're doing fine, tbh. It's all degrees. Many here on DCUM think less than a $5m nest egg is an underwhelming retirement. Get a retirement calculator, use excel, play around with the inputs and see where it gets you. My guess is that you're a lot closer than you think.

I'm mid 40s and I'm at your pace and my calculator computes something I'm comfortable with in retirement (and no, I'm not counting on SS).

Umm you are missing a 1. $15M retirement —- any less is pathetic.

OP, these are the expensive years. You have 25 yrs ahead of you, doing great.

Anything less than $15m is pathetic - posters like you are why DCUM can be so annoying! I hope I don’t know you!

I kind of think the $15 million poster before you was mocking DCUM....

Anonymous wrote:

Anonymous wrote:OP, I think you're doing fine, tbh. It's all degrees. Many here on DCUM think less than a $5m nest egg is an underwhelming retirement. Get a retirement calculator, use excel, play around with the inputs and see where it gets you. My guess is that you're a lot closer than you think.

I'm mid 40s and I'm at your pace and my calculator computes something I'm comfortable with in retirement (and no, I'm not counting on SS).

Umm you are missing a 1. $15M retirement —- any less is pathetic.

OP, these are the expensive years. You have 25 yrs ahead of you, doing great.

Anything less than $15m is pathetic - posters like you are why DCUM can be so annoying! I hope I don’t know you!

Anonymous wrote:OP, I think you're doing fine, tbh. It's all degrees. Many here on DCUM think less than a $5m nest egg is an underwhelming retirement. Get a retirement calculator, use excel, play around with the inputs and see where it gets you. My guess is that you're a lot closer than you think.

I'm mid 40s and I'm at your pace and my calculator computes something I'm comfortable with in retirement (and no, I'm not counting on SS).

Umm you are missing a 1. $15M retirement —- any less is pathetic.

OP, these are the expensive years. You have 25 yrs ahead of you, doing great.

OP, I think you're doing fine, tbh. It's all degrees. Many here on DCUM think less than a $5m nest egg is an underwhelming retirement. Get a retirement calculator, use excel, play around with the inputs and see where it gets you. My guess is that you're a lot closer than you think.

I'm mid 40s and I'm at your pace and my calculator computes something I'm comfortable with in retirement (and no, I'm not counting on SS).

Anonymous wrote:I wouldn't worry about the Xx salary at age Y benchmarks given that you have had a lot of recent income growth.

But it sounds like you might be behind on retirement.
1. What type of yearly spending are you expecting in retirement? (This is tough to do at age 35, of course, but ballpark it to start).
2. How much are you saving for retirement per year?

Op, ignore this person. You are not behind, you're doing well and will continue to do well assuming you continue maxing out and saving.

Oh and I have no idea how much I’ll need in retirement, but we plan on downsizing and buying something near the beach and travel is on the docket assuming good health...

OP here—

Re college: not as much as we want, but we’re doing $5,000 a year (to get the max state tax deduction for MD, $2500 each parent)

Re: savings rate, my work has a really nice employer contribution of 10% salary, so this year I saved $38,000 in 401K. I didn’t start saving until 27 or so due to grad school and living off a grad student stipend.

I wouldn't worry about the Xx salary at age Y benchmarks given that you have had a lot of recent income growth.

But it sounds like you might be behind on retirement.
1. What type of yearly spending are you expecting in retirement? (This is tough to do at age 35, of course, but ballpark it to start).
2. How much are you saving for retirement per year?

Anonymous wrote:Those salary multiplier metrics for retirement are not a good gauge. You should be forecasting based on yearly retirement expenses. You'll likely spend less than 200k/yr in retirement.

Yeah if your salary doubles (ex you leave the Hill and become a lobbyist) your retirement needs don't automatically double - it all depends on your lifestyle. It sounds like you are doing fine. Are you also saving for college?

Those salary multiplier metrics for retirement are not a good gauge. You should be forecasting based on yearly retirement expenses. You'll likely spend less than 200k/yr in retirement.

The salary increase is not where being ‘behind on retirement savings’ comes from. It comes from not earning enough / or lifestyle creep, to have funds to pay your future self first with. From my vantage point (a decade older and many $$$ lower) you look to be in a good position. Keep saving and keep earning, you’ll be alright.

Don't think of it as lifestyle creep, that applies more to (what I am good at and fight) thinking that what you used to get on sale and as a splurge is a normal daily purchase. Your circumstances have changed. Max out and you will catch up. Especially where you are now. Time is on your side.

In 5 years, my salary has jumped from $90K to $200K. I’m thrilled, but feel behind on retirement. I’m 36. By now I should be at least 2.5x salary per many guides. I have between 401K, IRAs and regular investments about $375K. Not bad, but behind given my current salary. I max out retirement but don’t save much beyond that right now between housing costs and daycare and all the other costs of having a kid (which I didn’t have 5 years ago!). I feel like I can’t catch up. I know the answer is I’ve had lifestyle creep but until kid is in public school I don’t have a lot of flex to save more than I am....

Did anyone else have rapid salary increases to the point of being behind on retirement savings?