Saving for retirement scares me?
My take home pay has gone up about $2000. I've read the thread's wiki and know that I should be contributing like 15% to retirement but that number scares me. Now I'm not looking to just blow this $2000, but how do you balance saving for retirement with saving for other things?
I would really like to buy a home in the next few years, I'll need a second car for my spouse sometime soon as we currently share a car, and just other things we would like in the future. Putting the money away and not being able to touch it until retirement almost seems a little wasteful when we could use the money now. Any advice or wise words of wisdom please?
Numbers and stuff for reference:
-Married couple in late 20's with 2 kids in a LCOL area -$6000 in retirement -$6000 for Emergency fund -My company match is 4% -Spouses company match is 5% -I now make $40,000 a year -Spouse makes $52,000 -Only debt is student loans at about 4.5% average interest rate between us. I have $11,000. My spouse has $39,000 but it should qualify for PSLF but we're not sure if we should go that route.
I'll add any more numbers if you need them.