Am I saving enough money for retirement?

There are several "retirement calculators" out there. You would better spend your time considering the different options that you are eligible for. You appear right at the cut off point for Roth IRAs, consider 529 for college saving on the kid, max your contributions and know what the max you can contribute to the 401k.

Managing your money is as important as your savings program. You have one of the parts right, resolve the other.

As you say NOTHING about your income, it is difficult to say how much you SHOULD be saving. 15% is a good rule of thumb.

You also lump your child's college fund, your savings, and your retirement into one number. These should be FOUR separate numbers.

1. Your child's education funds.

2. Your 3 - 6 month emergency fund.

3. Your savings for short to medium term goals.

4. Your retirement savings.

What you need is to actually COMMUNICATE about money. This may require assistance from a counselor of some sort.

You're doing pretty well. Keep up the good work. Saving more would be a good idea, but you're well ahead of average for people of your age.

sure and no the two. sure, in case you would be have an excellent surplus quantity each month interior the final 5 years of your employment. No, because of the fact each extra incomes comes alongside with extra expenditure. so initiate saving a small quantity from in the present day or from this month’s income. The time examined perfect small quantity is 5% of you month-to-month earnings regardless of its quantity. Make it a habit to appreciate this interest like different necessary expenditure ( nutrients, fabric, coaching, well being, entertainment ). initially, you will locate that's little stressful and dissatisfying yet you would be ask your self once you will attain fifty 5.