I've read a couple of financial books and have really started to get into this forum as well as a couple of others. That being said, one take I constantly find is that you should max out your 401K and IRA before anything else (529's, paying extra on mortgage, HSA, stocks, etc.).
I'm 29 and my wife is 27. We have a 18 month old and will be trying for #2 next month (want 3 children when it's all said and done).
I live in a LCOLA and I will most likely be here the rest of my life. Our "forever house" will be paid off when I am at the age of 48, if we don't pay it off any quicker than we are already planning to.
We have no debt except for the house.
Combined, we don't make a great deal, $100,000 before taxes. My wife's salary will most likely remain stagnant while I am looking at a 4% increase a year. I max out my Roth IRA while contributing 12% to 401K. The wife contributes 12% to her 401K and we will be starting up a Roth IRA for her within the next year. I contribute $62.50 a week to HSA (generous match from employer), $40 a month to Mutual Funds and $25 a week to 529.
With my current financial plan, we will have no house payment, and should have no debt going into retirement. We will have a hefty HSA fund to help take care of any / all medical expenses down the line (God willing). It seems our only necessary expenses would be property taxes, food and gas.
My question is, is it really necessary to max out 401k and Roth IRA to have a comfortable retirement with no worries of money / an early retirement (IE: 60)? Even without the help of Social Security, I couldn't imagine needing that much money in retirement. And I would love to leave a nice windfall for my children, but i'd much rather be able to provide them with everything they need, including fully funded college education, weddings, vacations, etc.
Disclaimer: We are both extremely frugal people.
Thanks in advance for the responses, love this forum!