I'm not sure this is the correct place to start, but here's our scenario:
My wife and I have a combined income of roughly $100,000 a year. Currently, while paying off a house loan, we can put away around 10,000 a year, and have managed to put away 100k or so.
We are at a point we are considering paying off our house entirely and continuing living here (reclaiming those house-payments as pure savings) or moving into a nicer home and putting our savings towards a down-payment to keep our mortgage / daily lifestyle similar to what it is now (Personally, I want to move).
My problem is, that brings our savings down to a very small number, and it would take 10 years or so to pay off that newer home, again resetting our savings down to very little. This puts me at age 45, with very little in the bank, but no mortgage and a nice house.
At that point, provided things stay financially similar with our job situation etc, without the house payment, we'd be putting away around $20,000~ a year reasonably reliably.
My concern is that's not going to be enough to retire at or around 65~67, and since I work in the IT field, I'm concerned the older I get the more difficult it's going to be to maintain my career / steady employment.
We do have some investment plans through our work, but they are fairly new (within the last 5 years) and we don't have a lot of money showing there as of yet.
I'm looking to see if this sounds like we are on-track, or if we need to make some drastic change in the next few years to put away the money we need to retire properly. While I feel I'm decent at saving, and am somewhat frugal with our money, I'm by no means a "numbers guy", and the big million dollar figures I see on retirement recommendations scare the crap out of me. Currently I'm concerned there's no way to save what we'll need to survive by 65~67.
I've tried many different retirement calculators online and they very greatly in results and configurable options, but nearly all of them lead be to believe I'm way off track here. Is 20k a year in savings, with a house payed off, from age 45 to 67 enough to support a family of two in retirement? If so, what am I missing? If not, what can I do?
Submitted June 15, 2017 at 06:33PM by Fujilives http://ift.tt/2t7w8FN
