LSAMPLE ANSWERILLUSTRATIVE
THE SHORT ANSWER
I’d try the extra $600 a month before giving up two years of retirement. Your current plan is about $110,000 short at 60; increasing contributions from $2,400 to $3,000 a month closes most of that gap. If that squeeze isn’t realistic, 62 works in this example without changing contributions.
KEY NUMBERS
Saving now$2,400/mo
Saving needed$3,000/mo
Target retirementAge 60
WHAT MATTERS
- The retirement date is more sensitive to monthly saving than to small changes in investment returns.
- Current housing costs fall before retirement, which improves the later years of the plan.
- A two-year delay is the strongest backup option if income or childcare costs change.
POSSIBLE NEXT STEPS
- Increase automatic retirement contributions by $300 per paycheck across the household.
- Recheck the plan after the mortgage or childcare expense changes.
- Compare ages 60, 61, and 62 before deciding whether the extra saving is worth it.