, Nice to read that you two were apparently able to unwind some accumulated stress (that was the cracking sound one can hear at the base of the skull). Nice to also read that Will has a Roth IRA. I've pushed this investment with many I know; for their children and/or grandchildren, for several years.
I've placed this calculator again from a previous write. To the best of my knowledge, it is accurate.
--- The below Saving and Investing Calculator (new style, June, 2019) has some preset numbers I'd placed previous to help others with minor children envision the power of compounding to encourage them to help their children start a Roth Minor IRA from monies from part time work, etc. All of the values set now may be changed to whatever is suitable for you. You'll see the initial investment value and yearly contributions are small. I did not enter a future tax calculation, as hopefully; the Roth still won't be taxed. Also, I used 7% as an annualized investment return.....not, too hot, not too cold. Anyway, play with the numbers, if this would be of benefit. A few of the other tabs above for budgeting, etc.; may be of value, too; although this is an AARP site.
ALSO: The calculator is set with Will's numbers, although at a 7% annualized.
NOTE: the 7% return in the calculator is of course an unknown going forward, but a reference point of one decent balanced fund, FBALX ,has an annualized return from its inception in 1986 of 9.3%. So, these have been and may continue to be achievable numbers. ALSO
, read the descriptions below the calculator area. Saving and Investing Calculator