pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Welcome.
With such high income you must be getting killed on taxes... it is good that you maxed your 401k contributions... do the same with your DW to the extent possible.
I'm not a big fan of 529s due to the restrictions... I preferred to save in my taxable accounts and it worked out well when DS decided not to attend college.... I didn't have to figure out how to get at that money.
I suggest that you buy a copy of Quicken if you don't already have one. Use its Lifetime Planner (included in Quicken Deluxe and higher versions) to plot out your path to retirement. Use the What-If function in the Lifetime Planner to look at the impact of different paths. Then use Quicken to monitor your progress.
In the near term, I would step up the payments on the 5.5% debt to pay that off quicker and also start investing in a low-cost equity mutual fund like Vanguard total stock.... 50/50 of your monthly savings until the personal loan is paid off then all to investing. I wouldn't bother being more aggressive about paying down 3% debt.
You're probably frozen out of Roths for now for all practical purposes... while technically you can do Roth conversions from a tIRA, the tax cost would be prohibitive. However, if you do retire early then you'll likely have a lot of time to do some low tax cost Roth conversions.
With such high income you must be getting killed on taxes... it is good that you maxed your 401k contributions... do the same with your DW to the extent possible.
I'm not a big fan of 529s due to the restrictions... I preferred to save in my taxable accounts and it worked out well when DS decided not to attend college.... I didn't have to figure out how to get at that money.
I suggest that you buy a copy of Quicken if you don't already have one. Use its Lifetime Planner (included in Quicken Deluxe and higher versions) to plot out your path to retirement. Use the What-If function in the Lifetime Planner to look at the impact of different paths. Then use Quicken to monitor your progress.
In the near term, I would step up the payments on the 5.5% debt to pay that off quicker and also start investing in a low-cost equity mutual fund like Vanguard total stock.... 50/50 of your monthly savings until the personal loan is paid off then all to investing. I wouldn't bother being more aggressive about paying down 3% debt.
You're probably frozen out of Roths for now for all practical purposes... while technically you can do Roth conversions from a tIRA, the tax cost would be prohibitive. However, if you do retire early then you'll likely have a lot of time to do some low tax cost Roth conversions.
