TheFlyingScot
Confused about dryer sheets
- Joined
- Aug 21, 2013
- Messages
- 8
New here, although I am a frequent reader and lurker. This is my first post and I have a LOT of questions.
Situation:
Me: early 30's, work full time: make 60K/yr with 40k in TIAA-CREF
Wife: Late 20's, works full time: makes 55k/yr with 20k in 403b
have about 4 months expenses in liquid savings and some more in more non-liquid holdings
Both very happy and settled in our jobs, not looking to go anywhere else until retirement.
Living expenses (everything, including housing (mortgaged house)): 3000/mnth with 2k of that being mort/prop tax/insurance
We are putting away 50%+ of our income after tax and contributing to employer-matched retirement plans. (I know we can maximize this to our benefit with a nice mix of 401k/IRA and HSA, but we're not there yet)
Will be inheriting a large (to us) sum of between 350-450k in the next few months.
According to FIRECalc, we should be 100% good once we hit 450-500k, but we want to play it safe and work a few more years to pad that number closer to 600-700k to account for health issues and travel more rather than less, as well as buy property elsewhere and build ourselves a nice little homestead
Challenge:
We want to sit with someone (one time fee-based financial planner who actually gets it) to discuss where all the money should go/how to draw it out. By where it should go I don't mean portfolio allocation in the traditional sense.
-Whats the best way to keep the tax-man from knocking, bonds/stocks/money into tax-deferred every year? Split bonds/stocks between taxable and tax deferred?
-Where should our current income derived savings go? should we be maxing the Roths?traditional IRA every year and the rest stays taxable with the traditional becoming a roth once we ar FI Or just keep it all taxable since we'll be pulling from it for the next 25+ years until we can collect from retirement funds?
I'm obviously leaving out quite a large chunk of the picture, but I would absolutely say we are not the typical people who walk into most planners or cpa's offices. We live extremely frugally, 110% agree we aren't having kids, and will be able to live under the 19k federal max/minimum and still travel once we move out of our current area.
Even over on morningstar and the boggleheads boards people say we can't retire anytime soon!!! I don't want the same opinion from the person we are paying to help solve some of these challenges!
Advice? Comments?
Looking forward to learnign as much as possible and have a very open mind/ears!
Situation:
Me: early 30's, work full time: make 60K/yr with 40k in TIAA-CREF
Wife: Late 20's, works full time: makes 55k/yr with 20k in 403b
have about 4 months expenses in liquid savings and some more in more non-liquid holdings
Both very happy and settled in our jobs, not looking to go anywhere else until retirement.
Living expenses (everything, including housing (mortgaged house)): 3000/mnth with 2k of that being mort/prop tax/insurance
We are putting away 50%+ of our income after tax and contributing to employer-matched retirement plans. (I know we can maximize this to our benefit with a nice mix of 401k/IRA and HSA, but we're not there yet)
Will be inheriting a large (to us) sum of between 350-450k in the next few months.
According to FIRECalc, we should be 100% good once we hit 450-500k, but we want to play it safe and work a few more years to pad that number closer to 600-700k to account for health issues and travel more rather than less, as well as buy property elsewhere and build ourselves a nice little homestead
Challenge:
We want to sit with someone (one time fee-based financial planner who actually gets it) to discuss where all the money should go/how to draw it out. By where it should go I don't mean portfolio allocation in the traditional sense.
-Whats the best way to keep the tax-man from knocking, bonds/stocks/money into tax-deferred every year? Split bonds/stocks between taxable and tax deferred?
-Where should our current income derived savings go? should we be maxing the Roths?traditional IRA every year and the rest stays taxable with the traditional becoming a roth once we ar FI Or just keep it all taxable since we'll be pulling from it for the next 25+ years until we can collect from retirement funds?
I'm obviously leaving out quite a large chunk of the picture, but I would absolutely say we are not the typical people who walk into most planners or cpa's offices. We live extremely frugally, 110% agree we aren't having kids, and will be able to live under the 19k federal max/minimum and still travel once we move out of our current area.
Even over on morningstar and the boggleheads boards people say we can't retire anytime soon!!! I don't want the same opinion from the person we are paying to help solve some of these challenges!
Advice? Comments?
Looking forward to learnign as much as possible and have a very open mind/ears!