You have done quite average well. You need to work harder so that your net worth will reach $10m by the time you retire at 75. Then you enjoy spending your retirement with $100k pa for 5 years until you kick the bucket at 80. You can then leave $9.5m to your kids and they can just enjoy and retire in their 30s.
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Originally Posted by Unregistered
I think not to worry too much as both of you are still young. As you already know, wealth is not everything, but having sufficient wealth is important. So you have to know what that "number" is and aim to make sure you achieved it before you reach retirement age.
To know what that "number" is, you need to know the lifestyle you want to lead in retirement. Do you have or plan to have kids? Let's say you worked out that both of you together needs $80k a year in retirement and you retire at 60, and spend 25 years in retirement, you will need minimally $80k x 25= $2m. I said minimally because I have not factored in inflation.
Engineers are versatile, by virtue of the degree engineering courses and training. I know as I am one. Most engineers will move on to become managers by age 35 and lead big projects and teams. Those staying on in the technical should also progress up the technical skill ladder and earn more.
I am not yet 50, but my net worth is above $5m combined with my wife. So you will get there and retire in comfort. Don't worry.
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