I’m 37. I’m unmarried. My domestic partner (12 years) is 32. I earn $165-185k per year and my partner makes about $100k. (We’re in IT in a high demand market.) Our income was significantly lower just 5 years ago. I have about 75k in retirement accounts and my husband has about 40k. I know we are behind. We’re not the best at saving but the last 10 years we’ve focused on student loans and our house. We’ve paid off $140k in student loans and mortgage principal. Today we have $100k in equity in our home (just appraised at $560k) and just paid off the last of our $90k student loans, finally (6% interest on those). He’s contributing about $15k per year to his 401k (it’s been a long road to talk him into contributing 15%). In the last year my income has gone from $120k to $186k this year, and my 401k will be capped this year according to Highly Compensated Employee rules to about $2-3k. I anticipate a forced withdrawal of about $11k from the 401k (I didn’t know about the HCE rule/calculation until I’d contributed $13-14k). So my question is... what investment vehicles should I look into? I just started contributing $400 per paycheck (biweekly) to a Roth IRA which should max it out at $5500. But I don’t feel $5500 + 2000 (401k me) + 15,000 (401k partner) is enough savings for a household income of $275+k. (The reason my income is a range is because my salary is 140 and I got to 186 with various bonuses. However, things are lining up where I’ll probably qualify for a promotion and raise in the next 6 months.)
How to save without a viable 401k for me? This has been my go to in the past. (The reason mine isn’t higher is I had uncovered medical expense about 5 years ago that wiped out $35k from the 401k. That and I’ve been focused on student loans of $90k)
Thanks in advance! This is my first posting like this!
Submitted October 07, 2018 at 09:36AM by Sunny37211 https://ift.tt/2ylTXNx
