I am going to provide as much detail as possible.
My wife and i recently married. We have lived together for a couple years so we are financially intertwined already.
Here is the situation: Me (26) Wife (25)
- Salaries: Me $82,200/yr , Wife $43,000/yr
- Bonus: Me (approx 17.5%): $14,385 Paid at year end
- Employee Stock Purchase plan: details work out to about $6,000 additional value per year
- Total income (Approx depending on ESPP market and bonus): $145,585
Retirement:
- Max both ROTH IRA $11,000/yr
- Max 401k (Me) $18,500/yr + 5% company match $4,800=$23,300
- HSA: Max $6,900/yr
- $41,200/year total retirement savings
- Wife has no 401k option and is not self employed
Monthly minimum living costs
- ~$4,000/mo
Debts:
- Student (me, private): $18,000 @ 5%
- Student (me, Fed): $3,300 @ 3.5%
- Auto (wife) : $7,500 @ 4.25%
- Credit Cards: Zero, Paid in full each month
Accounts and balances:
- Checking: $6,800
- Savings: $13,000
- ESPP (used as partial safety fund, liquid within 3 days): $15,500
- 401K: $74,000
- Roth IRA (me): $12,500
- Roth IRA (Wife): $4,800
- HSA: $5,500 ($5,000 invested , $500 cash must be held in account) all health expenses paid out of pocket as necessary. Receipts kept
Here is where i need advice: as you can see we are savings heavily for retirement and our future. we have left overt funds at the end of the month. Where should we be putting this money?
- Do we have any other retirement savings options for her? IRA is maxed no 401k option.
- Pay off student loan and auto loan debt as quickly as possible? (paying highest interest first)
- Taxable investment for future property purchase?
- other?
Thanks! Please let me know if i forgot any details...
Submitted July 27, 2018 at 04:53PM by mwg2010 https://ift.tt/2vaSxnm
