Dustinmc15
Confused about dryer sheets
- Joined
- Aug 4, 2015
- Messages
- 1
Hi, due to some recent events in my life I've decided to put a more firm plan in place for my retirement. I've always considered myself a saver with decent personal finance acumen, but would love to hear feedback on my situation and plan to retire at 55.
I'm 32 right now, giving me a horizon of 23 years to reach my retirement goal. I have a wife and twin 1 yr old boys and we plan to have at least 1 more child in the next few years.
I own 2 rental properties with about 100k in equity between the both of them with total rents of 2300 (500 net after mortgage pmt) with a remaining term of 25 years.
I just purchased my primary residence with a note of 360k for 30 years, the purchase appraisal came in at 510k, so about 150k in equity there.
My wife stays at home with the twins but will go back to work when they start going to school in a couple of years. I anticipate she would earn about 30k per year. I currently earn 110k working in corporate finance as an analyst and can reasonably expect 3-5% annual increases.
I contribute 20% of my salary to my 401k (including employer match) which has a balance of 100k. I also put 2k per year in a Roth IRA that has a balance of 20k. I have a taxable brokerage account with 15k that I do not contribute to and view it as more of an emergency fund. Most of these funds are invested in index funds or high growth mutual funds.
My saving and checkings accounts amount to 10k, which is currently lower than I'd like due to the down payment on the home we just purchased.
Each of my boys have 529 college accounts with 10k in them, I contribute 100 per month for each.
My goal is to have 2.5M in liquid assets (not including real estate) by the time I reach 55.
I think if I continue with my current savings rate I should be close to that goal. One of my concerns is that if I retire at 55 will I have trouble accessing my 401k and Roth IRA funds? I'm not sure of the rules on that.
Any feedback is welcome. Thanks!
I'm 32 right now, giving me a horizon of 23 years to reach my retirement goal. I have a wife and twin 1 yr old boys and we plan to have at least 1 more child in the next few years.
I own 2 rental properties with about 100k in equity between the both of them with total rents of 2300 (500 net after mortgage pmt) with a remaining term of 25 years.
I just purchased my primary residence with a note of 360k for 30 years, the purchase appraisal came in at 510k, so about 150k in equity there.
My wife stays at home with the twins but will go back to work when they start going to school in a couple of years. I anticipate she would earn about 30k per year. I currently earn 110k working in corporate finance as an analyst and can reasonably expect 3-5% annual increases.
I contribute 20% of my salary to my 401k (including employer match) which has a balance of 100k. I also put 2k per year in a Roth IRA that has a balance of 20k. I have a taxable brokerage account with 15k that I do not contribute to and view it as more of an emergency fund. Most of these funds are invested in index funds or high growth mutual funds.
My saving and checkings accounts amount to 10k, which is currently lower than I'd like due to the down payment on the home we just purchased.
Each of my boys have 529 college accounts with 10k in them, I contribute 100 per month for each.
My goal is to have 2.5M in liquid assets (not including real estate) by the time I reach 55.
I think if I continue with my current savings rate I should be close to that goal. One of my concerns is that if I retire at 55 will I have trouble accessing my 401k and Roth IRA funds? I'm not sure of the rules on that.
Any feedback is welcome. Thanks!