Feedback Request: Any Reactions or Ideas?

Hi all - I’ve learned a lot from this forum. Throwing out our general profile as I am curious on any initial reactions or ideas folks may have if they were in our shoes. Not immediately on the cusp of any major life decisions, so this is more out of general curiosity.

Spouse and I are in our low 40s with 2 kids (one in elementary school, one going to elementary school next year) living in a MCOL US city. I am a W2 in finance - a lot of my comp is in my bonus and is variable year-to-year. Spouse was a consultant for a decade and has stayed home with kids for the last few years. Will likely re-enter the workforce in the coming year in more a non-profit / public role.

General facts & stats:

- Net worth of $1.775m comprised of $1.0m across our retirement accounts (combination of IRA, small Roth IRA, and 401K with my current employer), $385K in a brokerage, $182K in RSUs for my job, and $182K in HYSA

- NW figure doesn’t account for home equity

- Only debt is our mortgage: home value is probably $700K, we have $354K left on the mortgage at 2.875% - don’t intend to move until the kids are out of the house and no intent to pay off the mortgage at an accelerated pace given our rate

- Two new-ish cars are owned outright

- Both kids have 529 accounts ($118K for older, $111K for younger) - stopped contributing earlier this year and plan to let it ride / track the account until they get to HS

- Both kids have UTMAs around $22K (some $$ from grandparents, some small dollars from us that is more of a nice-to-have and maybe provide to them later in life for a milestone)

- Annual expenses have been $150k in recency (though we likely need to refresh this year - it’s probably increased with kids camps, a little bit of interior design work in our house, etc.)

- My comp is highly variable. Current base of $300K and total comp in recent years has been $600K to $650K (20% of bonus is deferred and vested for 3 years). It’s never a guarantee, but I am approaching the level in my profession where there could be material acceleration of my comp this year and in the future

General focus in the last decade has been paying off graduate school loans, building up retirement and savings, and building up the kids college accounts. We max out 401K and IRAs each year and contribute to our brokerage on a monthly basis and then in windfalls when my bonus is paid out. We probably went heavy on cash this year, but it was mostly out of conservatism as we wanted to do some things around the house (painting, interior design, solar panels) and wanted to have the cash available.

We’re in the grind phase of life. I don’t know that we have crystal clear goals like others seem to have here. Suspect that expenses will continue to increase, but don’t expect anything too crazy - modestly from lifestyle creep, but also just with kids doing more activities and camps. I have generally pegged $5M NW as a North Star, but it’s not the most sophisticated calculation, and I expect to work for years to come. No desire to grind in finance until I’m into my 60s - but maybe I hit a financial goal in the next 5-10 years, retire from this world, and pivot to something more fulfilling.

Anyway, have found this forum to be very thoughtful. Curious if folks read this and have any ideas or other considerations that could be interesting as we march along the path. Appreciate the insights.