My fiance and I want to
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buy a house in 1-2 years
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save for retirement
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save for the eventuality of bigger health expenses down the road
I just switched jobs and am reconsidering my financial setup. I am debating how I should use the various financial vehicles like 401k, HSA, IRA etc. and distribute our income in order to meet our financial goals.
Concrete financial situation:
I work as a Software Engineer
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Current Income: 130k/year (Normally salary of 90k but for this specific year previous employer is going to pay another 40k for past services)
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Savings: 105k
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Current 401k: 50k
- Until the end of this year a previous employer will match 7% of a 60k salary into a 401k
- My new employer will match 4.5% of a 90k salary into a 401k
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PPO plan health insurance + dental
My fiance is still a graduate student majoring in Engineering (1 year left).
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Current Income: 13k
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Debt: 15k
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Student Health insurance
Together
- We spend about 600/mth for everything we need.
Questions that I ask myself:
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Should I only contribute the 7% and 4.5% of my income from both employers into the 401k or should I contribute more (without hitting the 18k contribution limit/year)?
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Should I start contributing into an HSA or should I save everything for the down payment and worry about that later?
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How can I be more tax-efficient?
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Would it help me later to get a better mortgage if I have more in my 401k's?
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Is there any other product that would help me and I am not considering?
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Are there any other things I should take care of?
Submitted April 04, 2017 at 12:03AM by tete_el_pollo_loco1 http://ift.tt/2owkDIv
