Long time member here who has come and gone over the years- I switched careers from tech (software dev) and and now a physician- I just couldn't put in the years without feeling fulfilled, although now that I'm here, it's just more of the same story, just a different tune. I also now have several children now, so saving for college for them in addition to my own goals is an interesting new twist as well, and now that residency is over and I'm becoming more established in my new career, I hope to become more active on here once again.
Currently my wife and I are maxing out the IRS limits for savings in addition to a back door Roth, maxing out the HSA, and saving some into a GVUL account through my employer (fees are paid by them) with the plan of doing a 1035 into a 15 year fixed annuity to bridge the gap between early retirement and SS. The kids are young, but I'm putting enough away to cover 100% of their anticipated COA needs as well as paying some extra into the mortgage each month to have it paid off by the time the youngest just starts college (I'll be 55). Just eyeballing this, am I missing any further opportunities for savings outside of a regular taxable account? I know opinions are mixed regarding the GVUL, but for my situation working in a career which has tremendous liability exposure, the life insurance account vehicle provides some protection that a regular taxable account wouldn't offer. Thanks for the input
Currently my wife and I are maxing out the IRS limits for savings in addition to a back door Roth, maxing out the HSA, and saving some into a GVUL account through my employer (fees are paid by them) with the plan of doing a 1035 into a 15 year fixed annuity to bridge the gap between early retirement and SS. The kids are young, but I'm putting enough away to cover 100% of their anticipated COA needs as well as paying some extra into the mortgage each month to have it paid off by the time the youngest just starts college (I'll be 55). Just eyeballing this, am I missing any further opportunities for savings outside of a regular taxable account? I know opinions are mixed regarding the GVUL, but for my situation working in a career which has tremendous liability exposure, the life insurance account vehicle provides some protection that a regular taxable account wouldn't offer. Thanks for the input
