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Started By
Message
Spinoff On Roth vs 401K
Posted on 2/3/20 at 4:45 pm
Posted on 2/3/20 at 4:45 pm
I just want to get the MBs opinion on what I’m currently doing for retirement. I need some feedback please.
If I continue on this path, what am I looking like when it comes time to retire? I feel like we are way behind the 8-ball with this.
If I continue on this path, what am I looking like when it comes time to retire? I feel like we are way behind the 8-ball with this.
This post was edited on 2/5/20 at 4:31 am
4
Posted on 2/3/20 at 4:51 pm to sonoma8
quote:
we made $195k total
quote:
401ks from our last jobs into a Roth. It currently has $180k invested through RJ.
quote:
Im 36, shes 34, 2 kids
quote:
I feel like we are way behind the 8-ball with this.
Do you really feel this way?
Posted on 2/3/20 at 8:26 pm to sonoma8
I think it's good that you both put about 9% of your salary into your 403b.
Are you both teachers? If so, do you have other retirement vehicles?
You say you have normal bills, but that's all relative. Do you have a $700,000 house note and a Platinum truck or truly reasonable bills?
Are your kids in affordable daycares/school or is it like New Orleans where PK-4 is $16,000 and regular grades are +/-$20,000?
What are your plans for the $2k/month you save? Is that your E-fund, vacation money, or what?
Are you both teachers? If so, do you have other retirement vehicles?
You say you have normal bills, but that's all relative. Do you have a $700,000 house note and a Platinum truck or truly reasonable bills?
Are your kids in affordable daycares/school or is it like New Orleans where PK-4 is $16,000 and regular grades are +/-$20,000?
What are your plans for the $2k/month you save? Is that your E-fund, vacation money, or what?
Posted on 2/4/20 at 8:24 am to sonoma8
I would say you need to get to 15% of your salaries ASAP at a minimum. Put it in whatever tax advantaged vehicles you have access to. But the pretax amounts I would be putting into retirement in your situation would be around $30k/yr ignoring any company matches.
Posted on 2/4/20 at 8:36 am to sonoma8
quote:
If I continue on this path, what am I looking like when it comes time to retire?
Does your RJ guy not have planning services?
quote:
I feel like we are way behind the 8-ball with this
Here is a conservative and very basic checkup.
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