What's my next move?
Mid-40s, financially comfortable, and realizing we may end up with more money than we'll ever spend, what should we be thinking about?
My wife and I are in our mid-40s. Our youngest is a high school senior, and we have two college-age kids who are financially self-sufficient.
Our current financial picture:
$1-2M invested, roughly 3:1 pre-tax 401(k) / Roth IRA
~$1M home, with ~$150k remaining on the mortgage at 3.125%
~$175k annual household income
~$7,000/month total spending, including everything
We've spent a fair amount of time thinking about lifestyle inflation. We've considered downsizing the house, but we've decided we're genuinely happy where we are. We have a great community, and our house works well for us with main-floor living if needed down the road.
We've also talked through the usual ways people increase spending as their income and net worth rise: nicer cars, bigger houses, major home projects, expensive toys, etc. None of those things really appeal to us. For toys and recreational properties, we're happy renting rather than owning.
We're very grateful for what we've accumulated. We've been fortunate, but we've also been intentional about investing consistently and resisting lifestyle creep. This community has been a big part of helping us develop that mindset.
The interesting thing we're starting to realize is that, if we continue on our current trajectory, we're likely to accumulate considerably more than we would spend.
That's where I'm looking for perspective.
We don't feel particularly compelled to retire. I enjoy my work well enough, and neither of us feels like we're waiting for some magical future when we'll finally start enjoying life. We already like our day-to-day life. So we're approaching this next chapter with this question:
If you're financially comfortable, don't particularly want more stuff, enjoy your work, and are on track to accumulate substantially more than you'll need, what should you be thinking about?
For those who have been in a similar position:
What did you wish you'd thought about earlier?
Did your priorities change as your kids left home?
How did you think about work once money stopped being the primary reason to work?
Did you find ways to use your resources that were more fulfilling than simply accumulating more?
Are there financial or estate-planning issues we should be thinking about now rather than later?
Did you find effective ways to distribute wealth to your children early that complemented rather than disrupted their individual development?
What has helped you think well about the next 30–40 years when accumulating more money isn't the goal anymore.
What did you learn when you reached this point?