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30 yrs old with wife and daughter
Old 02-23-2014, 06:38 AM   #1
Confused about dryer sheets
Join Date: Feb 2014
Posts: 1
30 yrs old with wife and daughter

Hello all and thanks in advance for reading. I have been in the boilermakers union for 12 years and just recently moved to working full time for an employer. I make $75k a year now and am putting 15% in a 401k, the company matches 3%. The company also puts 4% a year in a pension/annuity plan. While with the boilermakers union I put about $100k in an annuity through them, and $100k in their pension(i am vested). If I had stayed working with the boilermakers I would have been able to retire at 58(most likely). I am interested in putting extra money in some type of savings in order to at least stay on the track that I was on. I am looking at putting at least an extra $5k in some type of investment per year. My problem is that I dont know where to start. Any and all advice is much appreciated. The reason that I am starting now is bc I get a bonus and my tax returns about the same time, and would like to start putting them in my retirement directly. My thoughts are that if I can save for my wife and I, then we will be in better shape to help with college when it comes, as opposed to saving for that as well. We currently only have $5k each in life insurance.
Also, I like to keep $20k in our savings at all time and cant help but think that there is a better place to keep it than a savings account. Maybe gold? Stocks? High yield savings? Anyway just somewhere that I could acccess it in an emergency but have it making more than a BOA savings acct.

I thought I should add that my I get a group rate on insurance through my employer, and my bills are about $2000 a month including a $1100 30year mortgage. Since I am looking to retire around 60 I would like to have a home paid off before retirement. I also like the idea of having a piece of land somewhere, that we could build on after selling our paid off home(while staying in a small cabin or camper on said land). We currently live in CT but will move to a cheaper state/area when retired.
Thanks again.
Confused about dryer sheets.
(also confused about folding fitted sheets)

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Old 02-23-2014, 06:59 AM   #2
Recycles dryer sheets
Join Date: Sep 2012
Posts: 355
You can look into Roth IRA for that extra 5K you want to save. Also, I would suggest you buy term life insurance instead of full life insurance policy. I pay 425/year for 500K coverage for my wife and it's 30 years term with fixed yearly premium.

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Old 02-23-2014, 09:11 AM   #3
Recycles dryer sheets
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Welcome Readynow, I don't think anyone here would recommend gold for an emergency fund, but we all do like the new PenFed CD at 3%, it's 5 year but if you do end up pulling out early you are still well ahead of the near 0% your bank will offer for savings or moneymarket account. I also agree on the Roth suggestion to boost your tax free growth before you retire.
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Old 02-23-2014, 09:26 AM   #4
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Welcome aboard. I think you have very realistic goals. You didn't say what interest rate you have on your mortgage, but an early payoff of you mortgage, may be an option.
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Old 02-23-2014, 10:13 AM   #5
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Welcome aboard! Maximizing tax free investments first is generally your best option. If you have a 401K, put as much as you can into it, at least up to any company match. Then either a traditional or Roth IRA is best. You will have to give some thought to asset allocation, and then you can start thinking about what type of investments to go with. Try reading a book or two on investing principles from the reading lists published in this forum.

And yes, I've never figured out how to fold those fitted sheets either.
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