Joe’s main concerns, in his own words: “My wife and I come from different sides of the tracks. She was raised in a well-to-do family in which her mom stayed home, and the funds to provide were never short. I was raised in a working-class family where both parents worked, and the kids had to wait until money was saved before getting something. We’ve managed to merge those two lifestyles into our family, but not without struggle.
The budget is still something that makes her feel “shackled,” whereas I see it as a logical balance of something comes in, something goes out. We have two daughters, 3 and 6 years old, and we are saving for both college and weddings. My wife stayed at home for a few years with my daughters, but has gone back to work to help us meet our financial “goals.”
So, the question(s): What is a reasonable target to set for retirement based on where things are at NOW? Based on that target, what is a reasonable age/date that we could expect my wife could stop working?”