34M, £180k salary — are we on track for coast fire?
My wife (33) and I have been fortunate enough to be high earners for the last 4 years and are trying to work out whether we’re on track for our long-term retirement goals.
My finances
Salary: £180k
Employer pension contribution: £50k/year into SIPP
SIPP: £300k
Stocks & Shares ISA: £119k
Wife
Salary: £25k part-time
SIPP: £55k
Stocks & Shares ISA: £54k
Combined
Take-home income: ~£9,500/month
Monthly spending/saving
Mortgage + household bills: £4,500
Stocks & Shares ISA: £1,500
Nursery: £800
Holiday fund: £1,200
Lifestyle creep has been real. The new house and holiday are the killers, but we love both.
We’re currently investing broadly in global index funds.
Our target is to have the equivalent of £6,500/month in today’s money available in retirement.
We’re trying to work out whether we’re broadly on track and whether we should be doing anything differently with the balance between pension, ISA, mortgage overpayments and general spending.
What would you do in our position? Are we being too conservative/aggressive with our retirement assumptions?