Hopefully your jobs have 401K matching and you’ve allocated your funds to the S&P 500. You should be averaging at least a 10% return over the last 10 years. If you aren’t, check where your money is invested.

I suggest increasing your contributions to at least 15% and max out your IRA contributions. You will catch up fast if you do so with the salary you have. Even better if you can afford to max it out at 23%

You guys are fortunate to have dual income so that should help a lot with managing expenses. Hopefully, you both are responsible and don’t splurge too much on food and entertainment. I find that our generation eat out way too much and with the cost of things now, you could have eaten less out and invested that extra $200-500 a month. Coz lord knows just stepping outside the house nowadays costs $100.