Any advice
I’m a 33-year-old married male living in Northern California. My wife is 30, and we’re expecting twins. We’re looking for advice on whether we’re on the right track for retirement.
Here are our current finances:
Me: 33 years old, earning about $180,000/year
Wife: 30 years old, earning about $100,000/year
Combined household income: ~$280,000/year
Rent: $2,000/month
Debt: None (cars and student loans are fully paid off)
I only started taking retirement seriously about three years ago. I gradually increased my retirement contribution from 10% to 20% of my salary, and I increase my own contribution by 1% every year. My employer does not offer a match—they only contribute a flat $1,000 annually.
My wife contributes 10% to her 401(k) and currently has about $80,000 saved.
Given our ages, income, and situation, are we behind, on track, or ahead for retirement? What would you prioritize over the next 5–10 years? Should we focus on increasing retirement contributions, saving for a home, building a taxable investment account, or something else? Any advice is appreciated.