We’re in our late-20s with $1.1 million already saved – how do we stop obsessing over our $6 million retirement goal?

By the time I reached my late 20s, I had a small amount of money saved for retirement, but not a lot. And I have many friends who did not begin contributing money to an IRA or 401(k) until they reached their 30s.

But in this Reddit post, we have a couple in their late 20s with $1.1 million saved for retirement already, which is pretty darn impressive. And while you’d think that would give them some peace of mind, they’re aiming for $6 million in retirement savings and are worried about getting there.

They’re clearly committed to consistently saving for retirement. But they’re making a lot of sacrifices — and perhaps too many, as evidenced by the poster saying, “I don’t want to get to retirement and realize I could’ve lived more all along the way.”

I think this poster may be stressing out needlessly about retirement savings. So I’d suggest they talk to a professional for advice.

It’s all about striking a balance

I know some people who don’t save money at all because they have a YOLO (you only live once) mindset, and I know some who obsess about saving because they’re constantly worried about not having enough money. And I feel that the poster above may be part of the latter camp.

It’s okay to set big goals for retirement savings. In fact, that’s a great thing. But I also firmly believe that retirement savings should not be a point of stress for anyone who’s on track. And the poster clearly falls into that category.

I also think that while it’s important to save for retirement, you shouldn’t deny yourself every fun experience on the road to doing that. I try to save decently for retirement now that I’m past my 20s and am earning more than I did back then. But I also won’t give up near-term happiness. Instead, I make compromises.

I’ve kept my modest house and didn’t upgrade to a larger one to free up money for my 401(k). I also drive an older car because it’s less expensive than buying a newer, fancier one.

But I’ll also splurge on concert tickets a few times a year, or a nice dinner out with my husband once a month. We both work hard, and we deserve to enjoy some of our money now.

It’s a good idea to get help

I think the poster here could really benefit from consulting with a financial advisor. Based on where they are today savings-wise, it’s more than feasible that they’ll end up with the $6 million they want. But they shouldn’t be worried about that day in, day out.

A financial advisor can show the poster how to get to $6 million. But just as importantly, an advisor can help explain what retirement might look like — and how it might be perfectly okay — with less.

In addition to a financial advisor, the poster may want to consult a therapist if they feel that financial worries are interfering with their daily life. I don’t quite get that impression here, but it’s something for them to keep in their back pocket should they find themselves growing increasingly uneasy about their finances despite being in a very strong place.

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