Hello guys and gals:
I'm 26 and am a superintendent at a chemical plant. My salary is 50,000 with a standard 401(k) (50% of first 5%). We work tons of over time, like 84 hour weeks, but I don't factor that into our plan.
My wife is 28 and is beginning her career as a Physician Assistant. Her contract should range around 76-89,000 within the next couple weeks.
I have a Roth IRA with about 21,000 and we will start Sarah's as soon as she gets her first check.
We are very lucky because my mawmaw is going to leave us between 210-350 K when that time comes.
My wifes family is well off but since I have never seen anything in writing I will factor them at 0.
Her: Roth (till we get phased out), 401(if offered), basic bills, day to day spending
Me:Roth(till we get phased out), 401(k),her loans (125,000 for PA school), eliminate debt and invest it all
Basic Plan: Live off her, act like mine does not exist and invest as much of it as possible
The money we get from our family will be invested VERY CONSERVATIVELY. They worked to hard for me to gamble with it.
We are in Savannah with a low cost of living. We are looking at homes from 120-150.
We are thinking about 50-55 for retirement and counting on 0 from social security.
PLEASE TEAR MY PLAN APART!!!
Im looking forward to being a member!