A couple thoughts:
First off, for those who are just starting out or just starting over--please don't feel badly that you're not putting away the maximum or have some debt. The point is to move in the right direction--save SOME for retirement, even if it's just a few hundred dollars a a year. Make an effort to pay down the debt. You get the idea. I grew up poor, had a ton of student loans upon graduation, and literally had to start with nothing--in the hole, actually. My Dh started off better than I did, but not by a whole lot. It took us close to 30 years to become 401k millionaires. The important thing was to start saving early, and keep going. So, don't get discouraged!
Second, on the Roth conversion--keep an eye on your tax burden for converting. When you convert, you owe taxes on that amount, at whatever tax rate you're at. We converted $50k last year, and all I'll say is YIKES! Not sorry we did it, but YIKES!
I won't be posting our budget for a number of reasons, the main one being that I don't like that stuff "out there". But we're also in flux (DH lost his job). Plus, we have a less common situation, in that we're dealing with an estate situation since my MIL passed last year. On the good side, DH inherited a decent amount, but there's a huge learning curve about all the rules in place on inherited assets.
Such a good post.
I don't think any of those active in this thread are trying to be pompous or intimidating, but I do think some posts can come across that way to those who are struggling and doing the best they can with what they have. I think those posting are excited for their own journey and I just caution folks to just be aware of how their post come across.
DH and I are financial nerds. We've always lived within our means and have no debt--mortgage paid off in October. We've got kids in college and things we thought when they were elementary age, have had to adapt and change.
The tug to be a stay at home mom hit strong when oldest kids were 4 and 1 and son #3 was on the way. I quit my good job in banking that i had for 12 years (but it had become a 60 hour a week job) and began to work part time for our church. Family and raising the kids became much more important than anything else.
And the kids have done very well. Had I not quit my job, I don't think DH and I could have led them in the direction to do what they have done.
Kids have earned scholarships to pay for college and through our example, they are so far debt free. DH and I did not have the extra $$ to put into 529s. Oldest has his Master's no debt and a good job. 2nd son is in year 4 with no student loan debt. Son #3 is in year 2 on scholarship also. However, son # 2 and 3 are working to become pharm d and an MD. So student loans are in their future when scholarships run out for years beyond year 4. Daughter is a junior in high school and on track for merit scholarships, also. But all of the kids live frugally. Years of hand me downs and growing up in a family that was frugal set the example. We do intend to help the kids at least with living expenses in college. It will be our honor to help them start out on the best foot possible.
We have a plan for retirement--DH is already getting a pension at a young age and working on retirement pension #2. We've saved what we could steadily through the years in 401k and 403bs, but it's not been the full recommended 15 percent. But due to the pensions and a paid for house, we will be ok.
DH wants to retire in 12 years at age 62 and we'd like to travel some then. But other than staying steady on course, we are not cutting our modest lifestyle now to hopefully live later.
My own father died at age 38. Never was a shot for he and my mom to experience their BIG dreams. She finished raising their 4 children on little $ and we've all turned out great. But I do wish they didn't have to work so hard for nothing in the end.
It takes a balance. Don't get so caught up in chasing the FIRE that you lose sight of here and now and the people around you.