Join Early Retirement Today
Thread Tools Search this Thread Display Modes
New direction
Old 06-23-2017, 06:48 AM   #1
Confused about dryer sheets
Join Date: Jun 2017
Location: St Paul
Posts: 3
New direction

Oldest kid is off to college and I am going back to full time work next week after a long time break when youngest child arrived very premature.

Husband stuck in very bad 50/50 business partnership with partner that doesn't contribute and hasn't for 20 years. Holding on for another 3 years to finish paying off big Business loan. It's worse than a bad marriage as there is no divorce option for him.

Going to bank all of my salary to get our emergency fund replenished. Then will be looking for ideas to hit retirement savings hard. We are in mid 40s and we have some but we are behind. We have enough saved in 529 to help with kids college so am now 100% focused on my spouse and I financially.

hockeymom is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-23-2017, 07:53 AM   #2
Thinks s/he gets paid by the post
growing_older's Avatar
Join Date: Jun 2007
Posts: 2,657
If your new employer offers 401k or similar program, strongly consider contributing to the max allowed. Even if you have other uses for the money, the tax advantaged space is use it or lose it and there is no provision to use any you may have underutilized in prior years. At planned 100% savings rate, this should be 18k that you can work around and get favorable tax treatment as you build retirement assets.

growing_older is offline   Reply With Quote
Old 06-23-2017, 08:22 AM   #3
Confused about dryer sheets
Join Date: Jun 2017
Location: St Paul
Posts: 3
I am going back to public service where I was prior. It's a 5% mandatory contribution/state match. Even though my state has a pension that is better off than most, I'm still leery about contributing more to it. The cap is $18,000 per year. My husband does not have a work retirement plan so he will contribute the max $5,500 to IRA in order to get the tax deduction. I will not be able to do that for 2017 as I was able to in past. Suggestions welcome.
hockeymom is offline   Reply With Quote
Old 06-23-2017, 08:23 AM   #4
Thinks s/he gets paid by the post
2017ish's Avatar
Join Date: Apr 2012
Location: Nashville
Posts: 1,914
Good luck Hockeymom. We basically did the same thing you are doing. I took ~15 years mostly off with kids and came back when youngest got driver's license (and we had fresh/soph in colleges). The second salary was an amazing boost.
OMY * 3 2ish Done 7.28.17
2017ish is offline   Reply With Quote
Old 06-23-2017, 08:32 AM   #5
Confused about dryer sheets
Join Date: Jun 2017
Location: St Paul
Posts: 3
Thank you! It's been almost 10 years of only working very part time so I am ready to go back.
hockeymom is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Future contribution direction? tsturbo FIRE and Money 26 01-25-2009 07:29 AM
25 and trying to figure out which direction to take... Perd Young Dreamers 12 10-09-2008 09:25 PM
Hello, 34 years old noob here! need some direction from this forum Tempesta Hi, I am... 4 07-16-2008 07:22 AM
Direction of US Economy James5v FIRE and Money 37 11-08-2007 07:55 AM
Market direction for this coming week ? frayne Other topics 28 07-19-2006 10:04 AM

» Quick Links

All times are GMT -6. The time now is 01:35 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.