Foodeefish
Dryer sheet aficionado
- Joined
- Nov 22, 2005
- Messages
- 27
I am 44 and my wife is 51 and we make a total gross of $275K annually.
She has $90K in her 401K plan and I have $170K in my 401K plans. I have $350K in a deferred compensation program that is in a low risk balanced fund ( monies must be left in this balanced fund per the program) w/ 1-2% return. If I leave the company, the Deferred Compensation program will automatically payout in the following January in ten yearly payments. I continue to put 25% in the EDC and 401K plan combined because of the high tax bracket we are in (33%).We have no children and no plans for children.
We owe $150K on our house with a 10 year 4.75% interest rate worth ( on the low end) $650K. There's less than 8 years left on this mortgage. We just purchased with cash 2 acres on a lake in South Carolina. We would like to eventually sell our home we have now and pay cash to build a house to retire to. The retirement home we build in South Carolina will cost between $250-$325K.
We have $90K in an ING acount getting 3.50 interest as kind of an emergency fund
With the equity in our home, this type of money invested in 401K,the deferred plan, and ING acount, is it possible to retire in 5 years? Any suggestions with how to lower our tax burden or save better? Should I put every dollar I can in the deferred plan to pay taxes later versus now?
Thanks
She has $90K in her 401K plan and I have $170K in my 401K plans. I have $350K in a deferred compensation program that is in a low risk balanced fund ( monies must be left in this balanced fund per the program) w/ 1-2% return. If I leave the company, the Deferred Compensation program will automatically payout in the following January in ten yearly payments. I continue to put 25% in the EDC and 401K plan combined because of the high tax bracket we are in (33%).We have no children and no plans for children.
We owe $150K on our house with a 10 year 4.75% interest rate worth ( on the low end) $650K. There's less than 8 years left on this mortgage. We just purchased with cash 2 acres on a lake in South Carolina. We would like to eventually sell our home we have now and pay cash to build a house to retire to. The retirement home we build in South Carolina will cost between $250-$325K.
We have $90K in an ING acount getting 3.50 interest as kind of an emergency fund
With the equity in our home, this type of money invested in 401K,the deferred plan, and ING acount, is it possible to retire in 5 years? Any suggestions with how to lower our tax burden or save better? Should I put every dollar I can in the deferred plan to pay taxes later versus now?
Thanks