We were in your age group 7 years ago, also with 2 teenager children. Two things can happen from here. But I will share what happened to us. At that time our networth was $2.4m.

We talked about letting my wife quit and become a housewife or a "tai-tai". Well we did our sums and felt the "tai-tai" option was out for her. With her not working, we will have to sell off one car and either she will be a "tai-tai" without a car or I will be taking public transport to work. She will also be the poorest "tai-tai" then.

So, we both continued working. Things turned out well for us as it should for most people. You get established in your career, maybe get promoted, your housing loans, car loans get paid down/off, your children grow up and enter uni, and your savings grow!

At 47/48, I think we were saving about $80k a year, but we saw the savings rate steadily increasing each year to about $350k-$400k now. As you pass 50, you see your expenses stabilized or reduced while your income grow, investment returns grow.

As long as you and your wife continue to work you should do alright financially. I see a few of my colleagues quit prematurely from their work before 55 missing out the "golden" years of their earning and savings.