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The retirement calculators depend heavily on the exact assumptions going in. Having more money certainly helps, but most people retire with less than you already have.

Your expenses will be less once you've paid off the house. If needed you could later sell the house and move someone cheaper, or get a reverse mortgage on it.

But retiring with my current balance wouldn't be what I consider at decent retirement lifestyle. That would be like $20k a year at the 4%. How can anyone live on that even if they have no mortgage. Let alone travel or have hobbies.

"doesn't seem like very long from now to get to what I assume I would need; roughly $3 mil or so."

Your issue is you are basing this entire thing on an arbitrary number. All you can do is invest as much as you can and whatever you have in 20 years, that's your retirement number if you decide to call it quits at 65. So much depends on what you plan to do in retirement. Society sells us this image of retirees jetting off around the world after grafting for 40 years when the reality is most retirees just want to sit on the porch, enjoy the sunshine and pet their dog. I don't know about you but I don't need 3 million dollars for that!

Well, it's back of the napkin math using the 4% rule of withdrawal for the annual income I mentioned above that I assume I'd need to afford the things I want to do in retirement. Travel is one thing, but hobbies aren't free.

If you are investing around $40k per year (between your contributions and your employer's match), you will likely get to around $3M by age 65. No one can know what future market returns will be, but if you assume a 6% return, the future value of your investments is $2.9M.

Ok. So currently I'm on target for like $51k per year including the backdoor roth. So sounds like I'm on a decent trajectory. Does that number you quoted include my current balance of around $415k?

Do you have a retirement calculator you are using for this? Or just basic compounding interest calc?

I used the future value formula in excel, and included a present value of $450k (your 401k balance and other investments).

Your current balance should balloon to over 1.5 million by age 65 if you don't touch it.

You might get to $3 million. You have about $460k now. If you keep adding $24k per year, I come to $2.8 million twenty years from now, assuming a 7% return.

What would help is:

• socking away more money, starting as soon as you can. The longer that money can grow, the more it will become. Saving an extra $10k now is better than saving $10k when you're 60.
• reducing your expenses now and also when you're retired
• pay off debt and reduce your ongoing liabilities/bills. If you plan to continue to live in your current house, this could include making the house more energy efficient and buying/building things that last forever instead of just ten years (so good quality furniture and appliances and things like that).

By the way, I'd take social security into account for say half of the currently promised amount. If that gives say $40k/year after age 67, that means that by that age it represents about 25 x $40k = $1 million of net worth that you don't need to save up.

Right now I'm saving about $51k per year with full 401k + match + backdoor roth.

Yeah. I go back and forth with including SS. I like the idea of just counting half of my currently monthly estimate though.

But you’re nor retiring today with your current balance- you’re retiring in 20 years. Additionally, 60% (~$109K) of your current salary is a lot. If you’re hoping to spend up to that much without a mortgage then you need to save up a lot more.