Harry’s main concerns, in his own words: “My wife was a HS teacher for 14 years and stopped working for a few years as she was primary caregiver to her grandfather. She has re-entered the workforce as a secretary about 3-years ago. After working 20-years in law enforcement, I left a senior level administrator position to reclaim a better work/life balance. I stayed with my County employer, but transferred to Human Resources. My wife and I are both in the Wisconsin Retirement System. We had been maxing out our 457(b) and Roth IRA. However, with my job change in April 2017, we are only maxing our Roth IRA and are struggling to make minimal 457(b) contributions. It has been challenging to adjust our lifestyle downward and I feel stress that we have reduced our 457(b) contributions. We have no debt, own our condo, no car loans, and about $500K in retirement investments (plus our pensions). Really my question is about a voluntary downsizing of our income, and how to balance saving for retirement with less income. 1) Are we still on a good path? 2) Should we be counting our pension contributions (6.8% employee and 6.8% match for each of us) in our power percentage?”
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