I probably should have done this several years (decades) ago, but I looked up how much I should have saved for retirement at my age (40), and saw suggestions between 2x and 3x my annual income. I'm currently just below 1x. I have only recently got up to putting 15% into my 401k. I plan to open Roth IRAs for my spouse and myself, but an extra 12k/year alone isn't going to make up the difference. Our 1040 line 1 is about 180k, so 3x that is 540k, and like I said we have a little below 180k right now.
We have a pretty sizeable (~100k) emergency fund savings account.
What's the next step in catching up?
Submitted January 01, 2021 at 11:18PM by bristabb https://ift.tt/2MiwxTK
