Anonymous wrote:http://www.cbsnews.com/news/how-much-retirement-savings-do-you-need/

...and OP won't need more than 40k per year, which means she has already save enough or very close to it.

OP,

I think you are worrying too much. Your "problem" is that 1/2 of your net worth is tied up in real estate which is why you don't feel rich. But think about it - you can easily pay for your children's college fully by taking out a HELOC when the time comes. Or at that point, you may want to downsize to a smaller home. Or you said your mortgage will be paid off by then. Assuming a $3K monthly mortgage, that is $36K you can put toward your kids' education each year. Lastly, if you have $775K already saved toward retirement, you should have $2 mil in 15 years at age 55. That does not include your $1 mil real estate which even if you tap it for college will probably be worth $1.5 mil in 15 years. That doesn't even account for the other savings (mutual funds) that you have. You are more than okay. Relax.

Anonymous wrote:Your HHI is $300k. To retire at the same standard of living you currently enjoy, you will need 20 times that, which is $6 million. So yeah, you should be worrying about saving and investing and not over-spending.

Those who are living more lavish lifestyles are either idiots who are not planning for retirement and will have major problems in the future, or have family wealth (or equivalent).

Good job in amassing $2 million in networth. That is a great position to be in at 40. But there is more to save, invest, and let compound before you can rest on your laurels (retire).

this is such BS. they currently enjoy modest cars and vacations, rare eatings out etc. with kids out of the house and everything paid off, they absolutely do not need 6 mil to maintain that.

Many people want to age in place so retiring the DC area is very expensive. 500k is the new 100k.

Anonymous wrote:Your HHI is $300k. To retire at the same standard of living you currently enjoy, you will need 20 times that, which is $6 million. So yeah, you should be worrying about saving and investing and not over-spending.

Those who are living more lavish lifestyles are either idiots who are not planning for retirement and will have major problems in the future, or have family wealth (or equivalent).

Good job in amassing $2 million in networth. That is a great position to be in at 40. But there is more to save, invest, and let compound before you can rest on your laurels (retire).

No. That's wrong. You need to save what you will need to live on. OP is not spending $300k every year, much of it is going to saving/investing and housing, which will be paid off or downsized.

Be realistic when planning for retirement, no need to over save.

When pensions disappeared people must save almost half of their earnings for retirement. The biggest pay cut in history.

You are worrying too much. Way too much. If your financial situation is causing you anxiety, it shouldn't and you should probably see a therapist.

I feel your pain. I think u should do the following -

1) Sell Sienna and buy a Corrola OR sell sienna and use metro.

2) Sell your house and move to a small townhouse for half the price

3) Do not go for any vacations

4) Cook all your meals - DO. NOT, EAT. OUT. AT. ALL.

5) Shop only in dollar stores

6) Grow your own produce

7) Cancel the house cleaning service.

8) Cancel Cable, newspaper, subsciptions.

9) Buy all clothes from Goodwill.

You can do it OP, you can do it!

Best of lucj

Anonymous wrote:

Anonymous wrote:DH and I are fiscally conservative and try to save as much as possible. We are 40 years old and work hard. Our HHI is about 300K and networth is about $2 million. Yet we don't live that lifestyle. It feels in DC it doesn't go far at all. We have a cleaning service that comes in once a month. We go out to eat at mom and pop restaurants (so nothing fancy). We drive and Corolla (3 years old) and Sienna (9 years old). I still worry a lot about funding kids 529s. We have 2 kids that will be heading to college in about 9 years and so far we have only been able to fund about $67k in total (for both kids). There is no way that we will be able to pay for the kids college fully. On paper we looks good.

Bet you don't work as hard as the people who clean your house.

On paper you look good because you are very wealthy by US standards, and unimaginably wealthy by global standards.

What you need is a perspective adjustment.

Oh calm down, PC police. I agree OP needs a new perspective, but you have no idea how hard she works or how hard the people who clean her house work.

Girl, Bye

Anonymous wrote:DH and I are fiscally conservative and try to save as much as possible. We are 40 years old and work hard. Our HHI is about 300K and networth is about $2 million. Yet we don't live that lifestyle. It feels in DC it doesn't go far at all. We have a cleaning service that comes in once a month. We go out to eat at mom and pop restaurants (so nothing fancy). We drive and Corolla (3 years old) and Sienna (9 years old). I still worry a lot about funding kids 529s. We have 2 kids that will be heading to college in about 9 years and so far we have only been able to fund about $67k in total (for both kids). There is no way that we will be able to pay for the kids college fully. On paper we looks good.

Bet you don't work as hard as the people who clean your house.

On paper you look good because you are very wealthy by US standards, and unimaginably wealthy by global standards.

What you need is a perspective adjustment.

^^ PS Still have to "save" to reach your goals, but great job so far. Or move somewhere else.

Hi Try bogleheads. Or CNN. We estimate we need $6- $10M to feel "rich" around DC. It makes my DH so mad he could spit when I say that -- so I don't say it anymore. We will be moving away from here to someplace cheaper, I guess, although the kind of lux places I have in mind cost the same. Net worth: $4M.

Your HHI is $300k. To retire at the same standard of living you currently enjoy, you will need 20 times that, which is $6 million. So yeah, you should be worrying about saving and investing and not over-spending.

Those who are living more lavish lifestyles are either idiots who are not planning for retirement and will have major problems in the future, or have family wealth (or equivalent).

Good job in amassing $2 million in networth. That is a great position to be in at 40. But there is more to save, invest, and let compound before you can rest on your laurels (retire).