We’re in our 40s and have socked away $2.3 million for retirement so far – why does it feel like we’re still five years behind on money goals?

24/7 Wall St. Key Takeaways:

• Trying to achieve big financial goals while balancing personal fulfillment and family can be challenging! One Reddit user explains how they’ve accomplished it.
• It’s important to constantly reassess your plans to ensure you’re still on track for your goals.
• Also: Take this quiz to see if you’re on track to retire ^(Sponsored)

ChubbyFIRE bridges the gap between traditional financial independence and living a more luxurious lifestyle. One recent user on Reddit explained how successful he has been thus far in achieving his FIRE dreams, and he expressed a few concerns about his overall strategy.

This Redditor is doing a lot of things right. FIRE is simply a long game. It isn’t something you achieve overnight!

With that in mind, let’s look at what we can learn from his approach and where he might be able to improve. Remember, this is just my opinion, not financial advice.

1. Build a Strong Financial Foundation

This user has established a solid financial base with:

• $2.3M in retirement assets spread across taxable brokerage, Roth IRA, and 401(k).
• A $1.25M home with a low-interest mortgage, keeping housing costs manageable.
• Kids’ 529 plans worth $160K, ensuring education is covered.

His diversification is a huge benefit. He has some money in retirement accounts, a taxable brokerage, and education savings. This foundation helps encourage his wealth to continue to grow.

2. Reassess Expenses Without Sacrificing Comfort

Currently, the Redditor spends quite a bit each month, to the tune of $10K-$12K. This reflects a lifestyle of eating out, kid activities, and regular vacations. They did express that they would like to reduce spending by 10% to 20%, but they don’t want to sacrifice their comforts, either.

This looks a lot like “lifestyle creep,” which we’ve covered before. Simply put, as people get more money, they tend to spend more money. Then, the new things they’re spending money on become things they can’t live without!

I’d highly recommend everyone evaluate discretionary spending and make a clear distinction between wants and needs. Finding even small reductions can add up over time.

3. Balance Career Decisions with Life Goals

At 43, this user is contemplating whether to stay in a plateaued, low-stress job or pursue a new career phase. They value the flexibility at their current job, which allows them to be there for their children, but they do feel a bit “stuck.”

It’s important not to fall into a “the grass is always greener on the other side” mentality. There is almost always another job out there that looks better than the one you have right now!

Consider the trade-offs between career growth, flexibility, and family time. Staying the course in a relaxed role can be worth it if it aligns with your larger FIRE timeline. If the Redditor doesn’t need the exact money, I don’t think it’s smart to switch.

4. Account for Your Partner

The user’s spouse recently shifted gears after career burnout, transitioning to a new business with uncertain earning potential. These decisions do support the spouse’s happiness, and they don’t really need the extra income. However, it is extra cash that they are not receiving.

I’d recommend supporting the partner’s goals as much as possible, especially since it doesn’t seem to be a big drain on their financial goals. However, you should be ready to adapt financially should the situation change.

5. Consider Future Variables

The user is preparing for a potential $2–3M inheritance but isn’t relying on it for their FIRE plan. I don’t recommend ever counting on an inheritance until it is already in your bank account. There are just too many things that can go wrong!

Be sure to account for other potential scenarios, such as a layoff or pay cut. The future is anything but certain, and it’s important to plan for the worst whenever possible.

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