tyler-durden
Confused about dryer sheets
- Joined
- Aug 27, 2018
- Messages
- 7
Big fan of the community here. Looking for advice on what I might be missing in terms of where to save and what to think about. Hoping to retire close to age 45.
Wife and I are both 35 years old.
Current stats - Married with 3 kids all under 6 years old.
Current savings combined
401ks - 880k
Roth IRAs - 30k
Taxable investments 120k
Cash/ Money Market 30k
529 plans - 50k ( spread over 3 accounts )
Life insurance Term 1.2 mm on each of us as we both work.
No student loan debt and cars are paid in full. Only debt is what is listed below for the mortgages.
2 rental properties. Currently net 10k per year in rent after accounting for mortgage/insurance etc. Value about 350k and the notes combined are about 275k.
House we live in is valued conservatively at 400k and we owe 200k. Mortgage will be paid of by 2027 if we follow the regular payments. I assume we will pay it off a few years earlier but 2027 is the date if we don't pay off early. Interest rate is 2.875%
Hope to pay for most of the kids college.
Yearly Savings - 401ks get 30k each between our contributions and companies matching/profit sharing. Roth IRA's get maxed out each year via back door roth. After tax savings ( mostly in IVV and FCNTX ) gets 20k per year. 5k added to each 529 plan totaling 15k.
Curious what people think about retiring at 45. Does it seem feasible? health care is the big unknown that has me a bit worried. One of us would be wiling to work longer part time if needed to get benefits.
All thoughts feedback and suggestions welcome
Thank you!
Wife and I are both 35 years old.
Current stats - Married with 3 kids all under 6 years old.
Current savings combined
401ks - 880k
Roth IRAs - 30k
Taxable investments 120k
Cash/ Money Market 30k
529 plans - 50k ( spread over 3 accounts )
Life insurance Term 1.2 mm on each of us as we both work.
No student loan debt and cars are paid in full. Only debt is what is listed below for the mortgages.
2 rental properties. Currently net 10k per year in rent after accounting for mortgage/insurance etc. Value about 350k and the notes combined are about 275k.
House we live in is valued conservatively at 400k and we owe 200k. Mortgage will be paid of by 2027 if we follow the regular payments. I assume we will pay it off a few years earlier but 2027 is the date if we don't pay off early. Interest rate is 2.875%
Hope to pay for most of the kids college.
Yearly Savings - 401ks get 30k each between our contributions and companies matching/profit sharing. Roth IRA's get maxed out each year via back door roth. After tax savings ( mostly in IVV and FCNTX ) gets 20k per year. 5k added to each 529 plan totaling 15k.
Curious what people think about retiring at 45. Does it seem feasible? health care is the big unknown that has me a bit worried. One of us would be wiling to work longer part time if needed to get benefits.
All thoughts feedback and suggestions welcome
Thank you!