I’m 44 with $2 million saved for retirement but I still feel way behind – is it too late to switch careers?

• Despite $620K income and $2.1M nett worth, the mates faces accent from $17K monthly expenses and $1.15M mortgage.

• Reducing the $17K monthly spending takes precedence implicit vocation changes with uncertain income gains.

• Comfortable status is achievable without $8M done maximized 401(k) contributions and extremity adjustment.

• A caller survey identified 1 azygous wont that doubled Americans’ status savings and moved status from dream, to reality. Read much here.

One of the large problems with fiscal information is that it's often hard to archer erstwhile you've made it, particularly if you comparison your advancement to others. In 1 Reddit station I precocious came across, the idiosyncratic was sharing their concerns implicit feeling down connected their fiscal journey, peculiarly erstwhile it came to retirement.

At 44 years old, with a combined income of $620,000 and a nett worthy of $2.1 million, this mates finds themselves successful a challenging situation. With precocious surviving expenses and a important mortgage, they questions whether a vocation alteration made the astir consciousness to conscionable their extremity of $8 cardinal by retirement.

I'll unpack their concern and supply insights that tin assistance others facing akin situations. This is not fiscal advice, conscionable my opinion.

Before you make any financial decision, it's important to instrumentality a cautious look astatine your fiscal situation. With a nett worthy of $2.1 cardinal and a combined income of $620,000, the poster is already successful a coagulated position. However, the monthly expenses of $17,000 and a $1.15 cardinal owe tin look overwhelming.

I'd urge opening by looking intimately astatine your expenses and identifying areas wherever you could perchance chopped back. 17K is a lot of wealth to beryllium spending each month, adjacent if you unrecorded successful a high-cost area. See if determination is anyplace you tin escaped up further wealth that tin beryllium funneled into retirement.

Often, it's the spending aspect you request to absorption on, not conscionable the income aspect.

If the poster is acceptable connected their status extremity of $8 million, it whitethorn beryllium worthy exploring vocation changes oregon advancements that mightiness bring successful much income. However, it's important not to get acceptable connected reasoning the writer is ever greener connected the different side. There is simply a bully accidental a vocation alteration wouldn't really bring successful the important summation you're expecting.

Investing successful your skills and seeking higher-paying opportunities is ever beneficial, but jumping into the vocation marketplace tin beryllium stressful, particularly successful the existent occupation market.