I’m new to the forum and am getting a late start on learning about retirement and investing. Been investing with an advisor at Ameriprise for many years but left them recently after reading up on all their fees.
I’m 42 and my spouse is 41. We have 2 kids in elementary school and live in a HCOL state. We gross about $200K annually and only recently started to max out our 401k contributions this year with an additional $26K this year in a mega back door Roth 401k. Our annual expenses are about $85K-$100K.
We have saved up $145K in 401k, $25K in Roth 401k, $265K in traditional IRA, $70K in Roth IRA, $100K in a brokerage account.
$50K and $35K in 529 plans for each kid which we contribute $2K each annually.
Our only debt is a HELOC of $170K at 2.75%.
My wife has a small pension and I also have a pension and retiree medical at age 65. I would like to retire at 55 if possible.
I have a few questions.
How are we doing? Are we on target to retire at age 55?
We would also ideally like to move out of our townhome and purchase a bigger property and rent out our townhome. Is that doable or are there benefits and/or strategies in doing this? Could we lessen our retirement contributions to pay down our HELOC in order to turn it into a rental and move into a bigger home?
Any advice and feedback is much appreciated!!! Thank you in advance!!
I’m 42 and my spouse is 41. We have 2 kids in elementary school and live in a HCOL state. We gross about $200K annually and only recently started to max out our 401k contributions this year with an additional $26K this year in a mega back door Roth 401k. Our annual expenses are about $85K-$100K.
We have saved up $145K in 401k, $25K in Roth 401k, $265K in traditional IRA, $70K in Roth IRA, $100K in a brokerage account.
$50K and $35K in 529 plans for each kid which we contribute $2K each annually.
Our only debt is a HELOC of $170K at 2.75%.
My wife has a small pension and I also have a pension and retiree medical at age 65. I would like to retire at 55 if possible.
I have a few questions.
How are we doing? Are we on target to retire at age 55?
We would also ideally like to move out of our townhome and purchase a bigger property and rent out our townhome. Is that doable or are there benefits and/or strategies in doing this? Could we lessen our retirement contributions to pay down our HELOC in order to turn it into a rental and move into a bigger home?
Any advice and feedback is much appreciated!!! Thank you in advance!!