Originally Posted by Unregistered

You didn't say how old you and your husband are. If both of you are in late 30s to mid 40s, your current income and savings are quite ok. Quite like ours when we're around that age.

Our savings rate only picked up when we're in our late 40s. We are now saving 70% of our annual income. Continue working and try not to have any breaks in your career and you should see your wages go up as you become more senior in your career. People usually draw their highest salary when in their 50 - 62 age timeframe. It is a long enough period to build a solid nest egg. I consider this last stretch the golden period where your family expenses will have stabilized, and most probably reduced (because less traveling - been there, done that, children grown up, loans paid off).

Saving a $1m or more during this last stretch is definitely possible. If you and your husband can accumulate this additional $1m during this period, then no need to downgrade to 3 rm flat.