TywinShitsGold t1_iudpz2o wrote on October 30, 2022 at 3:37 PM

Reply to comment by BakeSoggy in Have I done enough to save for retirement? by BakeSoggy

You should be as aggressive.

BakeSoggy OP t1_iudqkhz wrote on October 30, 2022 at 3:41 PM

So saving $20k per year for the next 14-15 years wouldn't be enough? That sounds depressing, but I appreciate it.

stringer4 t1_iudt0mx wrote on October 30, 2022 at 3:58 PM

It will be most likely. These are random people on the internet with super conservative retire early savings plans. Sounds like you need to decide if you want those 14-15 years to be super stressed or if you can allow yourself to enjoy things a bit as you get out of prime health/body years.

Are you just talking 401k savings of that amount or are you actually spending 100% of after 401k contribution money? If your lifestyle is to spend 100% of non 401k savings on a 150,000 salary then be more careful. If not, then you’ll probably be good. It’s all about the lifestyle you want.

BakeSoggy OP t1_iudulpf wrote on October 30, 2022 at 4:09 PM

I'm currently maxing out my 401k savings ($26k this year with the catch-up contribution) and my spouse's and my Roth IRAs ($7k each) and $5k in a mega backdoor Roth, plus $1k per month in non- retirement accounts. I'm not looking to withdraw anything. I'm just considering not saving as much (ie $20k in the 401k only).

stringer4 t1_iue1uh8 wrote on October 30, 2022 at 4:59 PM

Yeah, that’s all great. But do you spend every penny of non retirement contributions or do you have a more modest lifestyle? It’s about lifestyle in retirement at this point. Not necessarily a dollar amount

BakeSoggy OP t1_iue4euh wrote on October 30, 2022 at 5:16 PM

No, we don't spend everything. We have a lot of running around money that we could be more careful with. We're currently considering downsizing further. Our original plan was to keep the house so we have enough space to host any family or friends who want to visit. We've lived here for nearly 18 months and so far, no one has come. The house feels too big with just the two of us.

stringer4 t1_iue6ntc wrote on October 30, 2022 at 5:31 PM

You are responsible and well paid and care about savings in retirement. You will have shelter and food. At this point it’s just about what lifestyle you want.

BakeSoggy OP t1_iuemr0z wrote on October 30, 2022 at 7:16 PM

Thanks! I figured posting this on r/personalfinance would bring out the "eat your veggies" crowd. But I want to hear that perspective, among others.