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$3.4M is too low of an estimate. If you assume someone works from age 18 to 65, that’s 47 years of employment at an average of $72,300-ish per year. Now assume time for college, plus people make less early on in their careers. You’re looking at a $100k income.
$100k is probably enough to support a mortgage, two kids, insurance, essentials, bills, and retirement savings in some LCOL areas, but not in many places. In many parts of the US, that might cover a modest house and monthly bills, but there won’t be much left over; forget retirement.
My old brain still looks at a 6-figure income as “you’re rich.” In 2024, you’re not even close.
If you have to “cut a deal” with your spouse, you are not in a healthy relationship.