Currently age 40 with 2 kids (age 9 & 5). Own a condo worth about 1.8m but mortgage still about 800k.Combined savings about 550k. Wife says it is not alot. Keeps me wondering how much is ample?

She is being honest, it is not a lot, but also you should not spiral thinking it is not enough, take steps to get to where you/she think you two should be

Calculate your net worth. Are you comfortable enough with this figure?

Probably need to set aside funds for respective goals.

-Rainy day fund in case of retrenchment

-Kids education fund x2

-Retirement planning fund

-Holiday fund

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I assumed your wife was taking the debt into account, then yes your debt to savings ratio is quite bad. You are asset- rich, but with huge debt. Thus, she is right to say it isn't a lot.

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For couples to retire comfortably, you probably need at least 1 million, factoring the inflation rate, and assuming you lead a modest life.