I got a late start being 43 and trying to play catch up. Just wondering where I am in the scheme of things. I am maxing out my Simple IRA at work now along with Roths for me and the wife.

43 Married both work
Simple IRA 14K
Her 401k 25K
His Roth 11K
Her Roth 11K
Taxable 60K
Emergency fund 15K
Total 136K

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Posted by hungryone

river parishes

Member since Sep 2010

11987 posts

Posted on 5/5/15 at 1:28 pm to lsufan1971

Looks fine to me...assuming you have minimal debt. You don't state what % of your income you're directing toward retirement/savings. IOW, did you pile in a bunch in recent years, but are now doing less per month, or are you maintaining/increasing your contribution levels as your income has increased?

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Posted by lsufan1971

Zachary

Member since Nov 2003

18124 posts

Posted on 5/5/15 at 1:49 pm to hungryone

I have very little debt. No CC just a truck note at 1.9% and a mortgage. I am putting in around 20% now between my Simple IRA, Roth's, savings and Wife's 401K. I had a windfall from an automobile injury. I played catchup with the windfall and paid off most of my debt.

This post was edited on 5/5/15 at 1:52 pm

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Posted by eye65

Member since Aug 2009

987 posts

Posted on 5/5/15 at 1:55 pm to lsufan1971

quote:
Just wondering where I am in the scheme of things

Compared to this board or the OT probably behind.

Compared to other Americans, probably in line.

Compared to the rest of the world probably rich.
I would focus on the tax deferred accounts more.

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Posted by I Love Bama

Alabama

Member since Nov 2007

37694 posts

Posted on 5/5/15 at 2:01 pm to eye65

quote:
ompared to this board or the OT probably behind.

Compared to other Americans, probably in line.

Compared to the rest of the world probably rich.
I would focus on the tax deferred accounts more.

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Posted by Fat Bastard

coach, investor, gambler

Member since Mar 2009

72507 posts

Posted on 5/5/15 at 2:41 pm to lsufan1971

WTF do you have in the taxable account? Dividend paying stocks?

You need to allocate to some cash flowing real estate. If you retire in 20 years you will want passive Cashflow. Start building it. Never too late. Most people retire with nothing but social security.

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Posted by lsufan1971

Zachary

Member since Nov 2003

18124 posts

Posted on 5/5/15 at 2:53 pm to Fat Bastard

quote:
WTF do you have in the taxable account? Dividend paying stocks?

Here is the breakdown
VFINX 20K
XOM 10K
VTSMX 4500
VWLTX 6K
VWUSX 19K

quote:
If you retire in 20 years you will want passive Cashflow. Start building it. Never too late. Most people retire with nothing but social security.

Well that is one reason I am putting 25K a year in to tax deferred accounts starting this year.

This post was edited on 5/5/15 at 3:00 pm

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Posted by Epic Cajun

Lafayette, LA

Member since Feb 2013

32391 posts

Posted on 5/5/15 at 4:19 pm to lsufan1971

27 married, single income (Wife is in professional school)
21k in retirement system
-will probably be rolled into an IRA in the next 2 years
5k Emergency fund

I feel like I'm behind, but have paid my grad school, and am currently paying my wife's professional school without the help of loans.

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Posted by LSUtigerME

Walker, LA

Member since Oct 2012

3789 posts

Posted on 5/5/15 at 8:00 pm to Epic Cajun

28, married, 1 kid

135k in 401k
- wife has pension through TRSLA (8% is being invested and is hers if she quits prior to retirement age)
- I also have pension through work
15k in Roth
33k in Taxable
2k in Son's taxable account
8k emergency fund

May start a 529 for the kid soon. When emergency fund gets to 10k+, I'll start throwing more into taxable. Only wish I'd have started a Roth for the wife too. Will soon be outside limits.

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