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You aren't in trouble yet, but you are certainly on a trajectory to be later. The longer you wait the more painful it will be because you won't have the benefit of time for your money to grow. You may think you will have more disposable income at some point later when things are paid off, but trust me you wont. When college tuition kicks in for that kid, you are going to LAUGH at those student loan amounts as paltry.

The wording of your question was confusing because you say in one place that you have no savings, but in another you claim to be putting away around $5k/year. The important point is how much you have saved at this point and how much you are putting in going forward.

Some rules of thumb from Fidelity: (Based on your scenario)

• By 30: you should have about 1 year's salary or $190K saved.
• By 35: you should have about 2x that or $380K.
• By 45: you should have about 4x that or $760K.
• By 67: you should have about 10x that or $1.9M.

Take a look at your retirement account? Are you on track for that? It doesn't sound like it.

Can you get away with your current plan? Sure, lots of people do, but unless you die young, hit the jackpot in the stock market or lottery, you are probably going to have to live WELL below your current standard of living to make that happen.

You aren't in trouble yet, but you are certainly on a trajectory to be later. The longer you wait the more painful it will be because you won't have the benefit of time for your money to grow. You may think you will have more disposable income at some point later when things are paid off, but trust me you wont. When college tuition kicks in for that kid, you are going to LAUGH at those student loan amounts as paltry.

The wording of your question was confusing because you say in one place that you have no savings, but in another you claim to be putting away around $5k/year. The important point is how much you have saved at this point and how much you are putting in going forward.

Some rules of thumb from Fidelity: (Based on your scenario)

• By 30: you should have about 1 year's salary or $190K saved.
• By 35: you should have about 2x that or $380K.
• By 45: you should have about 4x that or $760K.
• By 67: you should have about 10x that or $1.9M.

Take a look at your retirement account. Are you on track for that? It doesn't sound like it.

Can you get away with your current plan? Sure, lots of people do, but unless you die young, hit the jackpot in the stock market or lottery, you are probably going to have to live WELL below your current standard of living to make that happen.

You aren't in trouble yet, but you are certainly on a trajectory to be later. The longer you wait the more painful it will be because you won't have the benefit of time for your money to grow. You may think you will have more disposable income at some point later when things are paid off, but trust me you wont. When college tuition kicks in for that kid, you are going to LAUGH at those student loan amounts as paltry.

The wording of your question was confusing because you say in one place that you have no savings, but in another you claim to be putting away around $5k/year. The important point is how much you have saved at this point and how much you are putting in going forward.

Some rules of thumb from Fidelity: (Based on your scenario)

• By 35: you should have about 1 year's salary or $190K saved.
• By 45: you should have about 3x that or $570K.

Take a look at your retirement account? Are you on track for that? It doesn't sound like it.

Can you get away with your current plan? Sure, lots of people do, but unless you die young, hit the jackpot in the stock market or lottery, you are probably going to have to live WELL below your current standard of living to make that happen.

You aren't in trouble yet, but you are certainly on a trajectory to be later. The longer you wait the more painful it will be because you won't have the benefit of time for your money to grow. You may think you will have more disposable income at some point later when things are paid off, but trust me you wont. When college tuition kicks in for that kid, you are going to LAUGH at those student loan amounts as paltry.

The wording of your question was confusing because you say in one place that you have no savings, but in another you claim to be putting away around $5k/year. The important point is how much you have saved at this point and how much you are putting in going forward.

Some rules of thumb from Fidelity: (Based on your scenario)

• By 30: you should have about 1 year's salary or $190K saved.
• By 35: you should have about 2x that or $380K.
• By 45: you should have about 4x that or $760K.
• By 67: you should have about 10x that or $1.9M.

Take a look at your retirement account? Are you on track for that? It doesn't sound like it.

Can you get away with your current plan? Sure, lots of people do, but unless you die young, hit the jackpot in the stock market or lottery, you are probably going to have to live WELL below your current standard of living to make that happen.

You aren't in trouble yet, but you are certainly on a trajectory to be later. The longer you wait the more painful it will be because you won't have the benefit of time for your money to grow. You may think you will have more disposable income at some point later when things are paid off, but trust me you wont. When college tuition kicks in for that kid, you are going to LAUGH at those student loan amounts as paltry.

The wording of your question was confusing because you say in one place that you have no savings, but in another you claim to be putting away around $5k/year. The important point is how much you have saved at this point and how much you are putting in going forward.

Some rules of thumb from Fidelity: (Based on your scenario)

• By 35: you should have about 1 year's salary or $190K saved.
• By 45: you should have about 3x that or $570K.

Take a look at your retirement account? Are you on track for that? It doesn't sound like it.

Can you get away with your current plan? Sure, lots of people do, but unless you die young, hit the jackpot in the stock market or lottery, you are probably going to have to live WELL below your current standard of living to make that happen.

You aren't in trouble yet, but you are certainly on a trajectory to be later. The longer you wait the more painful it will be because you won't have the benefit of time for your money to grow. You may think you will have more disposable income at some point later when things are paid off, but trust me you wont. When college tuition kicks in for that kid, you are going to LAUGH at those student loan amounts as paltry.

The wording of your question was confusing because you say in one place that you have no savings, but in another you claim to be putting away around $5k/year. The important point is how much you have saved at this point and how much you are putting in going forward.

Some rules of thumb from Fidelity: (Based on your scenario)

• By 35: you should have about 1 year's salary or $190K saved.
• By 45: you should have about 3x that or $570K.

Take a look at your retirement account? Are you on track for that? It doesn't sound like it.

Can you get away with your current plan? Sure, lots of people do, but unless you die young, hit the jackpot in the stock market or lottery, you are probably going to have to live WELL below your current standard of living to make that happen.