Ready2Save
Dryer sheet aficionado
- Joined
- Aug 12, 2018
- Messages
- 36
Hi All! Recently found this forum and wanted to introduce myself. I am 47 and my wife is 50 and we live in the Southeast and both work in corporate accounting type roles. We have 1 little one in elementary school and an awesome mutt rescue dog [FONT="]?[/FONT]. As the thread title suggests, we got a late start on our careers and spent foolishly during our 20’s and took the better part of our 30’s cleaning that mess up (student loans, credit cards…etc.). We are by no means super savers like so many on these boards, but I would say that we are purposeful and diligent and striking a balance between saving for retirement yet enjoying life too along the way with a few modest vacations a year and eating out probably more than we should…lol.
Here are our numbers (combined accounts) –
$790K – 401Ks and IRAs - We max out contributions each year (including wife’s catch-up) and IRAs all consolidated @ Vanguard.
$32K – Variable annuity with Vanguard – Have been putting $600/mth into annuity vs. taxable investments to save me from myself where it is harder/more expensive to get your hands on it.
$65K – Cash – most of this is in an online acct
$7K/year – Wife will have a small pension (no COLA)
$315K – Home Loan (house is worth $520K) – 30 year @ 3.75%
We recently paid off our 2nd car and down to one loan (the mortgage). Our incomes have recently increased in the last few years and we have some extra money to invest and have been plowing money into 3 things (extra mortgage payments, variable annuity & kids 529 plan). I think I am about 4 years away from having that 529 to a happy spot and once that is fully funded, will divert that monthly nut over to the mortgage.
Goals – we are just starting to wrap our heads around this. We have about 10+ years to go before the kiddo is off to college and I think at that time, my wife would like to downshift into something part-time and at this point, she hasn’t pegged exactly what that might be…doing tax returns, working at Starbucks…ha-ha.. I would like to downshift as well once I hit 60 in 13 years and do something part time to keep the ‘ol brain sharp. Our stretch goal is to have the mortgage paid off by the time kiddo graduates high school and I have run the numbers to see how much extra I need to pay each month and we are currently doing that. I am certain we will downsize some when we are empty nesters and while I haven’t dialed this in exactly, I know we can live very comfortably on $8K/mth after tax if there is no mortgage.
Thanks for taking the time to read and look forward to contributing to this wonderful forum.
Here are our numbers (combined accounts) –
$790K – 401Ks and IRAs - We max out contributions each year (including wife’s catch-up) and IRAs all consolidated @ Vanguard.
$32K – Variable annuity with Vanguard – Have been putting $600/mth into annuity vs. taxable investments to save me from myself where it is harder/more expensive to get your hands on it.
$65K – Cash – most of this is in an online acct
$7K/year – Wife will have a small pension (no COLA)
$315K – Home Loan (house is worth $520K) – 30 year @ 3.75%
We recently paid off our 2nd car and down to one loan (the mortgage). Our incomes have recently increased in the last few years and we have some extra money to invest and have been plowing money into 3 things (extra mortgage payments, variable annuity & kids 529 plan). I think I am about 4 years away from having that 529 to a happy spot and once that is fully funded, will divert that monthly nut over to the mortgage.
Goals – we are just starting to wrap our heads around this. We have about 10+ years to go before the kiddo is off to college and I think at that time, my wife would like to downshift into something part-time and at this point, she hasn’t pegged exactly what that might be…doing tax returns, working at Starbucks…ha-ha.. I would like to downshift as well once I hit 60 in 13 years and do something part time to keep the ‘ol brain sharp. Our stretch goal is to have the mortgage paid off by the time kiddo graduates high school and I have run the numbers to see how much extra I need to pay each month and we are currently doing that. I am certain we will downsize some when we are empty nesters and while I haven’t dialed this in exactly, I know we can live very comfortably on $8K/mth after tax if there is no mortgage.
Thanks for taking the time to read and look forward to contributing to this wonderful forum.