This is a cool calculator. OP if you do use then know that their default setting are ultra conservative. They use 7% returns and 3% inflation.

7% is normally used as an inflation-adjusted rate. Otherwise it’s 10%. If you use their default numbers, then your are accounting for inflation twice OR assuming stock return in the future will be considerably lower than the past.

A few things…

(1) as others have said. This doesn’t have to be a binary decision. Can you save 35 (instead of 45) and go on one really nice vacation a year?

(2) it seems your wife is really pro this lifestyle, but doesn’t work (no shame btw). Would she be willing and/or able to take temp work or part time work in order to fund that lifestyle? You’re talking 20k a year - are there opportunities she would consider to get about that amount of money? Or even a portion of it? I bet there are a lot of creative ways to get that money.

(3) I don’t know the details so maybe this isn’t a concern, but health costs near end of life can be extremely expensive and drain a lot of that expected 500k you’ll get from your parents.

(4) are there other parts of your life/budget you could sacrifice for your vacation lifestyle?