Hi all, hoping to get some input from the wise mustachioed sages...
I work in state government and if I continue to work for the state until I'm 55 my wife and I get health-insurance for life (80-20 cost split between State and us).
So that's a pretty big carrot 13 years from now, almost exactly. That also happens to be roughly when my youngest will turn 21 and we'll pay off our mortgage.
All non-mortgage loans will be gone by 2021, which will free up $1,244 a month.
Current stash is $123k, up from $60k at this time last year, when we found MMM. We're contributing to the stash at a rate of $43k/year currently (401k, 401a, 457). It's all pre-tax, because my wife is self-employed so avoiding taxes now is a complete no-brainer.
We're also paying down debt principal (low-interest student debt and 2.75% mortgage) at a rate of about $35k/year.
Monthly spending estimate at age 55 is about $3,500 (mortgage gone, all other debts gone, empty nest, etc).
If we both stop working at that time and don't take SS until age 67, we'll get a combined ~$3,000/month from that.
Question is how much do we need to be saving? With 2030 as a goal end-point, and not much incentive to fully FIRE before that, are we oversaving at $43k/year?