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Message
re: Spinoff On Roth vs 401K
Posted on 2/4/20 at 4:24 am to TheWiz
Posted on 2/4/20 at 4:24 am to TheWiz
quote:
Are you both teachers? If so, do you have other retirement vehicles?
Kids are out if daycare now. We are lucky to live around one of the better public school systems in LA. Which doesnt say much.
Id say 75% of that $2k is for efund, the rest it vacation.
This post was edited on 2/5/20 at 4:32 am
1
Posted on 2/4/20 at 8:23 am to sonoma8
I'll take a flier here and see if I can help figure this out.
You guys make $195,000 - $18,000(403b) = $177,000
Assuming 30% to taxes, that's $123,900
After $30,000 to your mortgage and car notes that's $93,900.
After the $24,000 e-fund/vacation fund that's $69,900.
I'm gonna go out on a limb here and assume all of your other bills are around $5,000/month.
So that leaves you with just under $10,000 a year to spread into some other retirement accounts. I would personally throw $4,500 each into a Roth IRA. You guys are right at the threshold for income limits, so I think you need to backdoor money into your Roth IRA.
At what point will the coffers be sufficient enough for your e-fund? Once you determine that, and set a goal, you might be able to adjust your retirement contributions one way or the other.
You guys make $195,000 - $18,000(403b) = $177,000
Assuming 30% to taxes, that's $123,900
After $30,000 to your mortgage and car notes that's $93,900.
After the $24,000 e-fund/vacation fund that's $69,900.
I'm gonna go out on a limb here and assume all of your other bills are around $5,000/month.
So that leaves you with just under $10,000 a year to spread into some other retirement accounts. I would personally throw $4,500 each into a Roth IRA. You guys are right at the threshold for income limits, so I think you need to backdoor money into your Roth IRA.
At what point will the coffers be sufficient enough for your e-fund? Once you determine that, and set a goal, you might be able to adjust your retirement contributions one way or the other.
This post was edited on 2/4/20 at 8:24 am
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