Hi All! I've been lurking a bit for a week now and found myself to be in an unique situation. Can I pick your brain a little bit so I don't totally fail at retirement?
I'm 31, single parent of 3 kids (9, 3, & 1). I make 60k/year (late start in life, I won't tell you what I was busy doing earlier in life. )
My 9yo goes to private school (about 4k/year), the two youngest in daycare (another 10k/year).
I'm currently renting but am under contract to buy a house (115k) at end of Feb on a 15 year mortgage at 3.375%. Payment on the house will be about $900 all inclusive.
Besides the kids expenses and rent/mortgage, I don't have anything else major. If there's anything I've done right it is that I am debt free and have about a comfortable emergency fund saved up to live on for about 4-6 months.
I just opened a ROTH IRA and put in 11k (2015 +2016 contribution), my 401K is at employer match @ 6%. I also have an 529 account for my oldest with just 3k in it, I plan to put in 5k more this month, and 8k each year until I have put in 32k ($8k for 4 years) in for each kid.
After all that is said and done, I have 20k left over in savings (not my rainy day fund). What are some of the things you think I should change? I thought about taking my kids out of private school but I'm not confident in the public school system. If I didn't work full time I'd be more comfortable with it since I can monitor them more closely, but maybe I'm letting my fear getting the best of me.
I'm 31, single parent of 3 kids (9, 3, & 1). I make 60k/year (late start in life, I won't tell you what I was busy doing earlier in life. )
My 9yo goes to private school (about 4k/year), the two youngest in daycare (another 10k/year).
I'm currently renting but am under contract to buy a house (115k) at end of Feb on a 15 year mortgage at 3.375%. Payment on the house will be about $900 all inclusive.
Besides the kids expenses and rent/mortgage, I don't have anything else major. If there's anything I've done right it is that I am debt free and have about a comfortable emergency fund saved up to live on for about 4-6 months.
I just opened a ROTH IRA and put in 11k (2015 +2016 contribution), my 401K is at employer match @ 6%. I also have an 529 account for my oldest with just 3k in it, I plan to put in 5k more this month, and 8k each year until I have put in 32k ($8k for 4 years) in for each kid.
After all that is said and done, I have 20k left over in savings (not my rainy day fund). What are some of the things you think I should change? I thought about taking my kids out of private school but I'm not confident in the public school system. If I didn't work full time I'd be more comfortable with it since I can monitor them more closely, but maybe I'm letting my fear getting the best of me.