You're asking the wrong question. It's not about how much you should have to save, it's what do you want from life and how do you get there? What structures do you need in place so you can get there.
What about your jobs? You're both on good money but are they positions you want to be in for the next 20 years? Or would you like to do something else? Do you work in a company that has people in their late 50's?
What about the kids? Private school or public?
You are saving money but you are doing all the heavy lifting at the moment. Earning the money and getting no return.
Why aren't you using the power of capital markets to grow your money without any effort from you?
There's lots of things you and your wife need to figure out first before you put a figure on how much you need to save.
Steven
www.bluewaterfp.ie