Large additional sacrifices now for marginal gains in retirement
I've been doing some math lately, I've been investing about $1,200/month recently, have about $41k invested, and I just turned 30. I had been planning on my current contributions until 34 when I (hopefully) reach $100k, then backing off to about $600 until I turn 45, then stopping contributions, going part time, and coasting until retirement at 59.5.
However, if I just did $600 all the way until 45 it really doesn't change much in the long term while saving me a ton of headache in the now. $600 is quite a lot of money to me these days, and while it's nice to watch the numbers go up a little faster, it doesn't move up my retirement date at all, makes me a millionaire only about 2 years earlier, and nets me about $300k extra for retirement. Now I'm questioning whether I should even keep investing this much or if I would be better to enjoy my life a little more, maybe pay off my house a little faster.
Have you guys ever done the math on this? I know most of you guys are more interested in retiring as early as possible but I'm happy to get my nest egg situated and then do part time work that I enjoy for awhile after. Just curious what everyone's thoughts are.