Hi,
Still in accumulation phase here. I will soon have my mortgage paid off. The balance due is under 15k. Going to try to finish it within a year by scrimping a bit to knock that thing out. Which means I will soon have extra money monthly that I would like to invest towards early retirement. I am still new here and trying to determine exactly what early means for me, but I am assuming somewhere between age 55-60. The extra would be about $600 per month (payment total - escrow amount).
44 years old, no children, no spouse, not likely to have either in future
inherited IRA 45,000
rollover IRA 20,000
Roth IRA 94,000 (5500 contribution per year)
current job 401k 47,000 (4456 contribution per year)
brokerage account 589,000
no pension, no debt other than mortgage, emergency fund 16k
income 55,700
I assume that I will be using brokerage fund for income to cover the years before I can use roth or IRA/401k. Should my extra money go to 401k or brokerage or a combo of both?
Still in accumulation phase here. I will soon have my mortgage paid off. The balance due is under 15k. Going to try to finish it within a year by scrimping a bit to knock that thing out. Which means I will soon have extra money monthly that I would like to invest towards early retirement. I am still new here and trying to determine exactly what early means for me, but I am assuming somewhere between age 55-60. The extra would be about $600 per month (payment total - escrow amount).
44 years old, no children, no spouse, not likely to have either in future
inherited IRA 45,000
rollover IRA 20,000
Roth IRA 94,000 (5500 contribution per year)
current job 401k 47,000 (4456 contribution per year)
brokerage account 589,000
no pension, no debt other than mortgage, emergency fund 16k
income 55,700
I assume that I will be using brokerage fund for income to cover the years before I can use roth or IRA/401k. Should my extra money go to 401k or brokerage or a combo of both?