Late-Start Retirement Catch-Up: Is $1K a Month Enough to Build a Secure Nest Egg?

A happy couple in their late forties relax on a couch, drinking tea from Japanese cups. A guitar and ukulele hang on the wall behind them.

Wealth Wise is Kiplinger's advice column on navigating retirement-related dilemmas. Got a question? See below for how to send it.

Dear Wealth Wise: My husband and I have saved about $300,000 for retirement combined, but we recently paid off some debt and are saving about $1,000 a month. We are in our mid-to-late 40s with one child. We could move from our current home (with almost $400,000 equity) to a smaller condo once our daughter graduates in a few years. Our parents have pledged to pay for our daughter’s college, but we will still need to support her financially until she gets a job.