Trust me, you won't retire when you reach 55 and achieve your $5m target. That's what we thought when we were 50, always counting our savings and telling ourselves we'll retire at 55.

Now that we have achieved our savings target, somehow the level of stress seems less and work does not look too bad. The mere fact that we could simply walk away from our job knowing that we have enough to live comfortably for the rest of our lives make things at work more tolerable.

Once you hit that savings target, it gets better from there. The rate of increase in savings get faster. You will be surprised how easy it is to hit $6m when you achieve $5m, especially when the money is working hard for you. That's why they say the rich gets richer.

We are now contemplating retiring at 60, and based on our savings rate trajectory, we think hitting $7m - $7.5m is highly possible. Remember by then your children could be contributing to the household as well thereby reducing your expenses, and increasing your savings!