younginvestor2013
Recycles dryer sheets
- Joined
- Feb 6, 2013
- Messages
- 226
Hi All,
I don't intend for this to be a "humble brag" post, despite what it may seem like. I haven't posted a "critique my plan" post in a while, but just curious if anyone has any suggestions for improvements on things I could change/alter for a better outcome, whether from a FIRE standpoint or lifestyle viewpoint. Lately, as time passes, I have learned to enjoy the ride more and enjoy lives luxuries (within my means) and not be so focused on the end goal of FIRE. However, that goal almost never leaves my mind and I think how great it will be once I can finally be FIRE'd. But, I'm also realizing that I need to have something to FIRE to, and without that, I may just be twiddling my thumbs often so I might as well just have a job. To that end, I have tried to develop hobbies and have personal goals outside of work. At any rate, my spending has gone up, but so has (and so will) my income.
Below are some stats, but any suggestions anyone has are welcomed, whether from a financial or non-financial standpoint. My current approach is maxing out my Roth 401k, Roth IRA, and HSA. I have recently decided to also max out my HSA, given the tax savings, and that I can pull out the funds whenever (for medical purposes). In order to max out all of the above, and support my current spending, I am moving over some money from my taxable accounts on a yearly basis. I am wondering if I should eventually taper off my retirement contributions so as to have some tax free cash should I need it before 59.5. Any input you have on that would be appreciated (at what age should I stop retirement contributions? at what $ amount?). Also, I've toyed with the idea of switching to a traditional 401k to reap current year tax savings as my income grows, but the appeal of a Roth always ends up trumping that. Lastly, I have thought of paying off my mortgage, but that would take a substantial portion of my taxable funds off the table.
Total N/W: ~$360k
Taxable/Brokerage Funds: $218k
Roth IRA/401k: $100k
Home Equity: $42k
Current Income: ~$85k
Projected Income 2017: ~$100k
Current Spending (After Tax): $48-50k max
Given the above and my current lifestyle, I would be looking at a nest egg of $2m to retire comfortably to support a 3% SWR.
I don't intend for this to be a "humble brag" post, despite what it may seem like. I haven't posted a "critique my plan" post in a while, but just curious if anyone has any suggestions for improvements on things I could change/alter for a better outcome, whether from a FIRE standpoint or lifestyle viewpoint. Lately, as time passes, I have learned to enjoy the ride more and enjoy lives luxuries (within my means) and not be so focused on the end goal of FIRE. However, that goal almost never leaves my mind and I think how great it will be once I can finally be FIRE'd. But, I'm also realizing that I need to have something to FIRE to, and without that, I may just be twiddling my thumbs often so I might as well just have a job. To that end, I have tried to develop hobbies and have personal goals outside of work. At any rate, my spending has gone up, but so has (and so will) my income.
Below are some stats, but any suggestions anyone has are welcomed, whether from a financial or non-financial standpoint. My current approach is maxing out my Roth 401k, Roth IRA, and HSA. I have recently decided to also max out my HSA, given the tax savings, and that I can pull out the funds whenever (for medical purposes). In order to max out all of the above, and support my current spending, I am moving over some money from my taxable accounts on a yearly basis. I am wondering if I should eventually taper off my retirement contributions so as to have some tax free cash should I need it before 59.5. Any input you have on that would be appreciated (at what age should I stop retirement contributions? at what $ amount?). Also, I've toyed with the idea of switching to a traditional 401k to reap current year tax savings as my income grows, but the appeal of a Roth always ends up trumping that. Lastly, I have thought of paying off my mortgage, but that would take a substantial portion of my taxable funds off the table.
Total N/W: ~$360k
Taxable/Brokerage Funds: $218k
Roth IRA/401k: $100k
Home Equity: $42k
Current Income: ~$85k
Projected Income 2017: ~$100k
Current Spending (After Tax): $48-50k max
Given the above and my current lifestyle, I would be looking at a nest egg of $2m to retire comfortably to support a 3% SWR.