My husband (34M) is the sole earner in our house, I (30F) am a SAHM. His base pay is 180,000 per year, plus stocks which usually amount to 40-50k per year and his new job will have a yearly bonus of around 15k. He puts the max pre dollars in his 401k (standard 401k). Currently, his 401k from his previous employer has $92,000 in it (he just started the new job two months ago), we have an investment account (index fund) that has $43,000 in it and we contribute $250 a month towards, and we have a straight up savings account (with about 95,000) to which we contribute about 40-50% of his monthly income. We contribute $250 a month to each of our children's 529s, and we max out our HSA. We are high enough in our income that opening a traditional IRA wouldn't help us, but would converting his former employer 401k into a Roth IRA even be an option? Would that be a good idea for us(we are in a high tax bracket so I assume maybe no)? Should we put post tax dollars into his 401k to reach the maximum limit (what is it, like 54,000?), and then convert those into a Roth IRA? Or would we be better served (i.e. Not pay insane taxes) by putting more into our index fund that has around a 10% return rate? My husband wants to aggressively pay off our mortgage (340,000 left on loan at 3.875%) and invest in a new house, either a rental property or one that we could move into and be more comfortable. I feel like just saving that money in a savings account isn't doing it justice, but I also feel like I'm in over my head sometimes reading about these financial tricks people do in order to get really good retirement accounts or to grow their accounts to insane levels. Any and all help or insight, including pages to read that would help a very novice financial person oit would be much appreciated! Thank you!
Submitted August 03, 2017 at 01:22AM by yasgirl53 http://ift.tt/2vuW9TR
