Me and my wife are falling apart over finances! Retirement planning, bills, college for kids is driving a wedge between us.
Me: 61yo engineer, good income, good health, tired of working at my company, want to retire by 65 at latest
Her: 57yo nurse, good income, good health, doesn't like her job anymore, plans to work another 7+ years
Us:
lump sum nestegg (IRS, 401K, 403B, etc) = $1.47M
estimated other monthly retirement income (SS, pensions) = $7300/mo
Fixed mortgage of $330K at 3.625%, equity = $110K
Pre-retirement goals:
* save another $20K to help youngest son in college.
* pay off all CC and small loans (currently ~$13K)
Anyway, my wife is driven to paying off bills and saving for college. She has been taking on extra shifts the last 6 months to the point where her health is compromised, she is depressed and miserable most of the time, hates her job, hardly home so now we are fighting, we have little fun anymore.
We are not extravegant and don't don't spend a lot. Lately we've been hit with a lot of expenses (several car failures, bills to cover son in college, etc)
Counselling is lined up and next week a financial advisor is scheduled.
I think we are in good shape for retirement, and she worries more. We are both sad as we are sacrificing "today's" happiness for tomorrow.
When is saving ... too much? What is a sensible balance between retirement savings and living today?
Maybe we shut down retirement contributions to pay off debt??
Arrgghh ... at wits end.