re: Saving for Retirement Advice

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Housing is provided by the company.

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all the more reason to bump that emergency fund big time. if you both get canned, not only do you lose income, but your expenses will go up. i'd figure out 6mo of expenses for your family, with housing cost, and shoot for that before i increased retirement contributions.

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Housing is provided by the company.

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Are you military? Or overseas?

the 7% pension contribution? Is that deducted out of your paycheck, or, does the employer pay for it?

Are you contributing to social security?

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My wife has a Roth IRA, and I have a Traditional IRA

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I would recommend only funding Roth IRAs at that income level and you may want to consider converting the tIRA depending on the tax hit.

You're doing pretty well for retirement planning, but you're limited by income level and job lock. I wouldn't increase 401k as others have stated and instead, make a plan to increase your income. I recommend a multi-family property as an investment. You could potentially get a homestead exemption since you don't own another home. You rent out all sections, provide a potential housing back-up in the event of job loss, and build wealth.

1. Max 401 k IF possible.
2. Then Roth IRA or traditional IF tax deductible.
3. Look for career advancement IF possible.
4. Side job: you could do a number of things from odd jobs, tutoring, music, dog walking, car detailing. Then you could open a SEP IRA for some of this income.