u/bumtrainer69

How do you all mentally balance spending on luxuries in the now, vs saving for later.

We've lived far below our means for years to set ourselves financially, but starting to ask when the point of enjoying all that savings should truly come in.

Do you use a percentage of income or net worth, just spend randomly when you want, or just power thru til your target?

Currently a 30 Couple.
650 Paid House
700k In investments
170k in DC pension. Another 8 years of DB pension as well for partner.
~340-360k HHI. Currently save 90-120k a year.
Goal is to retire ~50-55.

I'm starting to seriously crack and ask what happens if I die tomorrow after saving so much and living below our means, sorta asking how do you make sure to enjoy along the way.

Currently 30.
HHI: 330-360k a year (170-200k and 160k a year)
Contributions: 80-100k a year to investments. (Does not include pensions)

Investments:
700k - Almost all in XEQT. TFSA / RRSP and Unregistered
170k - Defined Contribution Plan thru work
650k - House (Not including in Calc)
7 Years of defined Benefit pension but Not including. Idk the numbers.

We also carry a 100k margin loan @ 4%.

Debt:
1 New vehicle - 75k remaining

Assuming we retire at 55, with current Investments + DC numbers only, and accounting for inflation with a modest 6% return. Leaves us 870k turning into ~3.8 Million in todays dollars by 55. Which gives us a Withdrawal rate @ 3.5% of ~135k a year in Todays dollars. Pretty healthy, especially with OAS + CPP, and the little bit of DB Pension at 65.

My wife doesn't plan on leaving her role, but I'm growing very sick of mine and wish to pivot into another role within my industry meaning a substantial pay cut of likely half or more at first. Unsure if I would return to the numbers I currently make now even with several years of experience. Savings Contributions would decrease heavily.

The other option is I would stay in my current role and we would purchase more luxuries in life.

or should we double down and pump savings for few more years just for good measure?

All values are in CAD. All values are also for a couple. We've been plugging away since around age 22 investing.

Current Investments:
700k in Investments. RRSP / TFSA / UnRegistered. All in XEQT
650k house paid off. (Not included for calculation)
100k in DC Pension. (Included in Calculation)
6 years of DB Pension

Spend: Assuming 12k a month gross.

HHI: ~320-350k, with 80-110k a year to investments.

Assuming Retirement at 55, without OAS, CPP, or Pension taking, and accounting for inflation we should meet the 4% rule at 55 if stop contributing at the end of this year.

Does it make sense to stop contributing now or double down while we're still young and put more money away. We don't hate our jobs but would likely leave them for "easier" ones. I would consider maybe going back to school. I've been in the trades all my career and am getting sick of working outside in Northern Canadian winters after doing it since high school.

We would just cover expenses until 55 and then fully retire. The way I see it, 55 is still young so we could wait a few more years if needed.