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Started By
Message
Advice
Posted on 9/10/17 at 3:16 pm
Posted on 9/10/17 at 3:16 pm
Long time lurker….normally keep my financials close to my own chest. I feel like I am a good saver but now I feel stuck on what my next steps financially should be.
Overview:
Married 29 years old (kid on the way)
Personal income $135,000 minimum (No OT) -- estimate $160,000 (OT) annual
Wife, looking for job (Just moved) Previous job $80,000 annual
Total Estimated total annual income of 2018-- $215,000
Current Retirement/ Investing Accounts:
Self- $24,000 in Roth IRA (vanguard)
$9,500 Traditional IRA (rolled over from former 401k) (Vanguard)
$5,500 (Vanguard Index Fund)
Wife-
Vanguard Roth IRA 11,000
Previous Employer 401k -8,000
Accomplished Goals
Out of Debt
$15,000 emergency fund in Money Market Account 1.2% interest
Purchased Disability Insurance
Current/Future Goals
Term life or permanent life Insurance?
Saving for House (20% down believer) –starting with next pay check
Partake in employer 401k plan starting 01/2018 -4% match + 5% profit share
Setting up backdoor Roth IRA?
Setting up/contributing to a 529 College saving?
Setting up more ETFs/Mutual Funds/Individual stock picking?
While I worked very hard to get to where I am today, I have some questions on what to do next. What type of life insurance should I get? Should I bite the bullet and meet with a personal advisor? Should I continue with Vanguard as my main retirement vehicle? Any suggestions are appreciated and will be open to answering any questions.
Overview:
Married 29 years old (kid on the way)
Personal income $135,000 minimum (No OT) -- estimate $160,000 (OT) annual
Wife, looking for job (Just moved) Previous job $80,000 annual
Total Estimated total annual income of 2018-- $215,000
Current Retirement/ Investing Accounts:
Self- $24,000 in Roth IRA (vanguard)
$9,500 Traditional IRA (rolled over from former 401k) (Vanguard)
$5,500 (Vanguard Index Fund)
Wife-
Vanguard Roth IRA 11,000
Previous Employer 401k -8,000
Accomplished Goals
Out of Debt
$15,000 emergency fund in Money Market Account 1.2% interest
Purchased Disability Insurance
Current/Future Goals
Term life or permanent life Insurance?
Saving for House (20% down believer) –starting with next pay check
Partake in employer 401k plan starting 01/2018 -4% match + 5% profit share
Setting up backdoor Roth IRA?
Setting up/contributing to a 529 College saving?
Setting up more ETFs/Mutual Funds/Individual stock picking?
While I worked very hard to get to where I am today, I have some questions on what to do next. What type of life insurance should I get? Should I bite the bullet and meet with a personal advisor? Should I continue with Vanguard as my main retirement vehicle? Any suggestions are appreciated and will be open to answering any questions.
11
Posted on 9/10/17 at 3:32 pm to LSUDogCat
Reread the numbers and think you're unsure of what the next year would bring. I would try to max 401k this year if possible and both do it next year. Wait to see about Roth eligibility depending on wife's job
This post was edited on 9/10/17 at 3:47 pm
Posted on 9/10/17 at 3:43 pm to LSUDogCat
What do you do?
Posted on 9/10/17 at 3:47 pm to LSUDogCat
I'd be curious to know what your wife does that's awesome pay
Posted on 9/10/17 at 6:30 pm to LSUDogCat
If you and your wife are making over $200k then you're in very solid shape. The problem most people have is lack of income. Your problem is having more income than you know what to do with - a very good problem to have.
The emergency fund is fine. Definitely get your other savings vehicles going though. ETFs and index funds are the way to go. Personally I like Schwab but Vanguard, Fidelity, TD Ameritrade and others are perfectly good too.
The emergency fund is fine. Definitely get your other savings vehicles going though. ETFs and index funds are the way to go. Personally I like Schwab but Vanguard, Fidelity, TD Ameritrade and others are perfectly good too.
Posted on 9/10/17 at 7:14 pm to LSUDogCat
There's just no way to post your income and not come off as a raging douche, even if you're looking for legit advice. If your question was what type of life insurance you should get and Vanguard retirement, I don't know why a step by step outline of your income is needed other than as a not so subtle brag.
Posted on 9/10/17 at 7:53 pm to LSUDogCat
If your wife gets another $80k job, You may not be able to contribute to a Roth IRA straight up ($196,000 MAGI is the max). There is that back door option. I'm not familiar with it , though.
This post was edited on 9/10/17 at 7:57 pm
Posted on 9/10/17 at 8:23 pm to LSUDogCat
When you say "out of debt" - what's your debt?
Posted on 9/10/17 at 9:24 pm to LSUDogCat
quote:
I would try to max 401k.
Posted on 9/11/17 at 8:45 am to LSUDogCat
Ugh this is a hard one to figure out if you are serious or not.
2 posts with an account made this month.
Post reaks of all the right things to do by MT standards.
You make more than 97% of US tax payers and you are coming to TD for "advice."
The only thing that stood out is how have you not come up with 20% yet? Unless you are looking at buying a million dollar home. Which wouldn't surprise me given your post.
I would pay a professional to look at your accounts if you are serious.
2 posts with an account made this month.
Post reaks of all the right things to do by MT standards.
You make more than 97% of US tax payers and you are coming to TD for "advice."
The only thing that stood out is how have you not come up with 20% yet? Unless you are looking at buying a million dollar home. Which wouldn't surprise me given your post.
I would pay a professional to look at your accounts if you are serious.
Posted on 9/11/17 at 12:43 pm to LSUDogCat
IMO, I'd say the following:
1) you haven't been putting near enough back into retirement accounts. I'd make sure you put 15% of YOUR money (not counting matches, sharing, etc.) Since you area bit behind, I'd probably suggest 20-25% for 5 years or so. I think if you put at least 15% in your traditional 401k to lower your taxable income, you should be close to qualifying to max out the ROTH IRA at $11k/year. That would put you around 22% retirement savings rate for now.
2) If you are living anywhere near your income levels, your emergency fund isn't near enough but you also have 2 incomes. I might see this as more important for me since I am feeding a family of 5 on a single income. I'd think your emergency fund should be closer to $30/35k but if you are in a small house, maybe not.
1) you haven't been putting near enough back into retirement accounts. I'd make sure you put 15% of YOUR money (not counting matches, sharing, etc.) Since you area bit behind, I'd probably suggest 20-25% for 5 years or so. I think if you put at least 15% in your traditional 401k to lower your taxable income, you should be close to qualifying to max out the ROTH IRA at $11k/year. That would put you around 22% retirement savings rate for now.
2) If you are living anywhere near your income levels, your emergency fund isn't near enough but you also have 2 incomes. I might see this as more important for me since I am feeding a family of 5 on a single income. I'd think your emergency fund should be closer to $30/35k but if you are in a small house, maybe not.
Posted on 9/11/17 at 9:44 pm to LSUDogCat
Learn what a Self- Directed IRA is-
If you need life insurance just grab term insurance , buy you can overfunded a cash value insurance policy and that can serve as your insurance and savings as well as opposed to a money market.
You did a great job w/disability insurance.
If you need life insurance just grab term insurance , buy you can overfunded a cash value insurance policy and that can serve as your insurance and savings as well as opposed to a money market.
You did a great job w/disability insurance.
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