Stumbled across this forum when I was searching for investment options for retirement and found it to be a great resource especially the awesome FireCalc
A little bit about myself.. I am 39 years old working fulltime for around 15 years, never really thought about investing or retirement until couple of years back when my son was born. After running through the numbers using FireCalc without social security(who knows if its still gonna be there) I need around $2000000 to retire. I lived my life kind of irresponsibly with expensive hobbies like flying etc and ended up not saving much. I am looking at making amends to my behavior and hopefully hang up my boots in another 15-20 years
Family – Myself(39 years, $130K), Wife(36, not working) and one son(2 year old)
Location – Portland, OR
Investments so for
401k - $300K(company offers 5% match and I plan to contribute max allowed each year going forward)
House - $310K, loan remaining $80000. Need to move to another house in better schooling district in 3 years
529 – $10000, Have another $200K saved for 529 but haven’t invested yet. I invest $5000 every year to get OR state tax break.
Questions I have are following
1. Which state offers the best 529 options, I am looking at state that offers good investment options like vanguard etc. OR 529 is pretty limited
2. Does it make sense to invest $200K in another state and invest $5000 every year in OR plan to get the tax break. We are planning for another kid so I expect educational expenses for both the kids to be around $600K+
3. Does it make sense to sell the house and use that equity to buy another house or keep this house as is and buy another one or something in between
4. Considering 15 years horizon for retirement what do you think is a good ratio for investments(stocks, bonds, international equity etc)
5. With all this, is it even possible for me to retire in 20 years?
A little bit about myself.. I am 39 years old working fulltime for around 15 years, never really thought about investing or retirement until couple of years back when my son was born. After running through the numbers using FireCalc without social security(who knows if its still gonna be there) I need around $2000000 to retire. I lived my life kind of irresponsibly with expensive hobbies like flying etc and ended up not saving much. I am looking at making amends to my behavior and hopefully hang up my boots in another 15-20 years
Family – Myself(39 years, $130K), Wife(36, not working) and one son(2 year old)
Location – Portland, OR
Investments so for
401k - $300K(company offers 5% match and I plan to contribute max allowed each year going forward)
House - $310K, loan remaining $80000. Need to move to another house in better schooling district in 3 years
529 – $10000, Have another $200K saved for 529 but haven’t invested yet. I invest $5000 every year to get OR state tax break.
Questions I have are following
1. Which state offers the best 529 options, I am looking at state that offers good investment options like vanguard etc. OR 529 is pretty limited
2. Does it make sense to invest $200K in another state and invest $5000 every year in OR plan to get the tax break. We are planning for another kid so I expect educational expenses for both the kids to be around $600K+
3. Does it make sense to sell the house and use that equity to buy another house or keep this house as is and buy another one or something in between
4. Considering 15 years horizon for retirement what do you think is a good ratio for investments(stocks, bonds, international equity etc)
5. With all this, is it even possible for me to retire in 20 years?
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