My wife and I are mid 40's and somewhat concerned about retirement.
We are both working and make about $200 combined but neither of us loves our job. With one small child (3) and my wife wanting to stay at home to spend more time with our child, we tend to stress a bit about our finances.
When I work as the sole breadwinner our income in 2-3 years will drop to about $120k and I should be able to sock away $25k for retirement, mostly in tax deferred plans and a little in low cost index funds.
we have a portfolio of $1.1 m in total with about a 75/25 mix of stocks to bonds. We are fortunate to have a small house paid off worth about $250k.
I guess my worry is, can we retire and live off about $100k annually as we do now in 16-17 years if we change course as I explained with going to one income.
We also worry about ss and health care costs and frankly, do not plan on ss being around in it's present form when we retire. We may get something but we will not plan for it. It is hard to tell if we are in good/bad/or ok shape as we head into a change in income and have a goal of retirement in 16 years or so.