Katoslake
Recycles dryer sheets
Family
Me- 59
DW- 57
Children: 1 on his own (grateful), 1 in college (2years remaining fingers crossed) 1 in high school (keeps us young)
Income
DW – 250,000 Total monthly income, gross= 20,833
Me- Retiring 12/1/2020
Assets
House- 500,000
Lake Lot- 176,000
Taxable Cash- 233,000
IRA Cash- 1,718,811
IRA-Bonds- 1,677,933
IRA Domestic Stock- 481,337
IRA- Intl Stock- 85,257
IRA Annuity- 555,835
RSU’s – gain 11,712 can’t cash out until April 2021
MegaCorp Medical Subsidy- 211,000
Total Investible Assets= 4,763,885
Total Assets= 5,650,885
529’s and Prepaid Tuition- NOT LISTED IN ASSETS
529 - $98,000 total
Prepaid Tuition
19,000= 2 years remaining for one student.
38,000 = 4 years for the other student.
Liabilities
Lake Lot- 105,000
Net Worth= 5,545,885
Expenses Per Month
Lake Lot- note payment- 950
Property Taxes primary home- 1,075
Property Taxes Lake lot- 300
Insurance- 275
Internet- 125
Electric- 320
Water- 125
Septic- 70
Home Warranty- 120
Pool maintenance- 160
Yard- 200
Mosquito Spray- 120
Food- 1,700
Total = 5,540
Medical Expenses and Insurance
Family Health Insurance- we pay 850.
Medical Copays- 600
Disability Ins- 375
Life Insurance (Term)- 275
LTC- 350
Glasses, Contacts- 225
Total= 2,675
Lifestyle and Quality of Life
Charity- 1,200
College Cash- 800
Cars and Car insurance- 815
Pets- 600
Cell Phones- 5 people- 510
Holidays and Birthdays- 950
Travel- 250
Clothes, Beauty supplies, sundries- 1,250
Youth Sports- 500
Hair, nails- 100
Computers, Cable- 420
Theater Tickets- 150
Total= 7,545
Total Monthly Expenses= 15,760
Holding more cash because of a large bonus and lump sum pension payout.
Plan to go in at approximately 30-35% FZROX, 55-60% FXNAX and remainder in cash.
Waiting to see 2020 IRS bill to make sure we don't get surprised.
A few questions I have are:
1) 401k vs IRA as it relates to protection from litigation or lawsuit ?
(nothing pending, just the only reason I can think of to stay in 401k)
2) Pay off Lake lot
3) Build on lake lot while still living in current home (I'm a little leery of having two houses for any length of time)
Any other advice, thoughts or feedback would be greatly appreciated.
I'm sure I've omitted something.
Thanks in advance !
Me- 59
DW- 57
Children: 1 on his own (grateful), 1 in college (2years remaining fingers crossed) 1 in high school (keeps us young)
Income
DW – 250,000 Total monthly income, gross= 20,833
Me- Retiring 12/1/2020
Assets
House- 500,000
Lake Lot- 176,000
Taxable Cash- 233,000
IRA Cash- 1,718,811
IRA-Bonds- 1,677,933
IRA Domestic Stock- 481,337
IRA- Intl Stock- 85,257
IRA Annuity- 555,835
RSU’s – gain 11,712 can’t cash out until April 2021
MegaCorp Medical Subsidy- 211,000
Total Investible Assets= 4,763,885
Total Assets= 5,650,885
529’s and Prepaid Tuition- NOT LISTED IN ASSETS
529 - $98,000 total
Prepaid Tuition
19,000= 2 years remaining for one student.
38,000 = 4 years for the other student.
Liabilities
Lake Lot- 105,000
Net Worth= 5,545,885
Expenses Per Month
Lake Lot- note payment- 950
Property Taxes primary home- 1,075
Property Taxes Lake lot- 300
Insurance- 275
Internet- 125
Electric- 320
Water- 125
Septic- 70
Home Warranty- 120
Pool maintenance- 160
Yard- 200
Mosquito Spray- 120
Food- 1,700
Total = 5,540
Medical Expenses and Insurance
Family Health Insurance- we pay 850.
Medical Copays- 600
Disability Ins- 375
Life Insurance (Term)- 275
LTC- 350
Glasses, Contacts- 225
Total= 2,675
Lifestyle and Quality of Life
Charity- 1,200
College Cash- 800
Cars and Car insurance- 815
Pets- 600
Cell Phones- 5 people- 510
Holidays and Birthdays- 950
Travel- 250
Clothes, Beauty supplies, sundries- 1,250
Youth Sports- 500
Hair, nails- 100
Computers, Cable- 420
Theater Tickets- 150
Total= 7,545
Total Monthly Expenses= 15,760
Holding more cash because of a large bonus and lump sum pension payout.
Plan to go in at approximately 30-35% FZROX, 55-60% FXNAX and remainder in cash.
Waiting to see 2020 IRS bill to make sure we don't get surprised.
A few questions I have are:
1) 401k vs IRA as it relates to protection from litigation or lawsuit ?
(nothing pending, just the only reason I can think of to stay in 401k)
2) Pay off Lake lot
3) Build on lake lot while still living in current home (I'm a little leery of having two houses for any length of time)
Any other advice, thoughts or feedback would be greatly appreciated.
I'm sure I've omitted something.
Thanks in advance !