Hello all I have been lurking on these forums for a while. Thought I would finally join.
I am a SAHM, I have worked various jobs over the years enough to get small SS. Our kids are grown and have finished college two have advanced degrees and are all self sufficient. We are hoping that my husband can retire in three years and wanted to ask for a little help.
My husband has 30 years at maximum social security earnings and I will probably get the spousal benefit since this will be more then my benefit. no decision yet in when we will take but will wait till at least 67 since we are 54 and 53. Any thoughts?
We have 1,450,000 in his 401k and are contributing the max 24,000 since he turned 50.
And we have 330,000 in a after tax account at fidelity. We also have two deffered annuitys together have about 100,000 in them probably shouldn't of let our UBS advisor talk us into this but right now I am glad we just didn't put more in. Last year we moved everything to Fidelity who holds the 401k.
We have a mortgage of 105,000 that is worth 360,000 4.125% 28 years left. We did the 30 year loan for lower payment thinking my husband could get laid off which is still a possibility they have given good packages but we are hanging on as long as possible
Wondering if there is ever a time to stop contributing to 401k should we stop contributions and put that towards paying of mortgage the next few years. Does not affect employers contribution since that is all based on earnings. It will effect our taxes.
HC is a big one we do have HSA with 20,000 in it not invested (trying to talk husband into that) and are putting the max into that yearly without touching it. We can buy HC through his employer but as of now it's as much as ACA would be without tax credit. Hopefully in a few years we will know more.
He makes 130,000 to 150,000 and we are planning on living off 80,000 after tax.
Thanks any help is greatly appreciated.
I am a SAHM, I have worked various jobs over the years enough to get small SS. Our kids are grown and have finished college two have advanced degrees and are all self sufficient. We are hoping that my husband can retire in three years and wanted to ask for a little help.
My husband has 30 years at maximum social security earnings and I will probably get the spousal benefit since this will be more then my benefit. no decision yet in when we will take but will wait till at least 67 since we are 54 and 53. Any thoughts?
We have 1,450,000 in his 401k and are contributing the max 24,000 since he turned 50.
And we have 330,000 in a after tax account at fidelity. We also have two deffered annuitys together have about 100,000 in them probably shouldn't of let our UBS advisor talk us into this but right now I am glad we just didn't put more in. Last year we moved everything to Fidelity who holds the 401k.
We have a mortgage of 105,000 that is worth 360,000 4.125% 28 years left. We did the 30 year loan for lower payment thinking my husband could get laid off which is still a possibility they have given good packages but we are hanging on as long as possible
Wondering if there is ever a time to stop contributing to 401k should we stop contributions and put that towards paying of mortgage the next few years. Does not affect employers contribution since that is all based on earnings. It will effect our taxes.
HC is a big one we do have HSA with 20,000 in it not invested (trying to talk husband into that) and are putting the max into that yearly without touching it. We can buy HC through his employer but as of now it's as much as ACA would be without tax credit. Hopefully in a few years we will know more.
He makes 130,000 to 150,000 and we are planning on living off 80,000 after tax.
Thanks any help is greatly appreciated.