Employed full time. Married with two kids, one in college (a sophomore) and another a is a junior in high school and plans on attending college.
Just over $1m in my Vanguard 401k. I contribute via paycheck deduction 18% each pay. Company matches up to first 6%.
We have Roth IRAs for myself and wife through TD Ameritrade but have not contributed to them in years. I opened up with $5k and put it all in Apple, Tesla, and Starbucks stock about 7 years ago. They’ve done quite well. I’d like to just leave those as is and contribute going forward to an index fund.
We have 529 for the kids that will pay for one year total (both kids). I will cash flow the rest.
Have $90k in savings account earning little interest. I have that much in there for the upcoming college expenses, particularly when both kids are enrolled at same time. We don’t qualify for any finaid.
I’m now 50 years old so I can do catch-ups. No debts other than mortgage (we’re right-sized up – $220k left on house valued at $550k, with 15 years left to pay it off).
I’m thinking:
1. Reduce the 401k paycheck deductions down some and divert them to fully fund each of our Roth IRAs.
2. Continue aggressively saving cash in the savings account.
3. Up the 529 contributions, which currently are $400 per month total, to $550 total.
Thoughts?
One thing I hadn’t considered when posting – by reducing my 401k pre-tax contributions and diverting that cash to post-tax Roth IRA contributions, will it negatively impact my tax liability?
You are way heavy in pre-tax this is no big deal now, but I would recommend you read up on “tax bombs in retirement accounts” don’t forget once one of you passes(hope this doesn’t happen for years to come) you go from filling joint to single. Your RMDs are going to possibly drive your Medicare premiums up. Just a couple of quick thoughts
A million dollars in a 401k plan is not equal to a million dollars in a brokerage account.
A few thoughts:
check if your state has a deduction for 529 plan contributions. If so, it makes sense to funnel some of your college cash flow through the 529 plan. In many states, you can literally put the money in on day 1, and take it out the next day for qualified educational expenses. Some states have an uncapped deduction, so the credit can be quite substantial.
you will want to make sure you pay $4000 direct in cash each year, however, to qualify for the maximum AOTC (american opportunity tax credit).
is anything saved in your wife’s name? you mention a 401k through your employer. does she qualify for social security, or have any savings other than the small roth ira account? If not, you may want to put any extra contributions into her Roth (and leave yours alone). Yes, it shouldn’t matter whose money is whose, and I sincerely hope you stay together forever. But just in case, she should have some money in her name.
i’m a similar age with kids of roughly the same age. Consider how long you really want to keep working, and see if you can plan to pay off the mortgage before you retire.
Congrats on the no debt! Just start maxing out both your 401K especially a Roth 401K and Roth IRA.
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