I'm 38. Years ago I met with a financial planner who told me to put 10% of my income into my 401k through work, and then max the Roth IRA. I have been dutifully doing that, and also my husband maxes his Roth IRA out (his job has no retirement benefits).
However I make a lot more and am now legally married and I'm wondering if this is the best move.
Current income is $102k/year (salary + 10% mandatory bonus) plus a possible 5-10k more in merit bonus. My parter's income is 45k/year.
Possible income starting in 2020: 104k to 125k (plus possibly 5-10k in merit bonus) and ~20k/year if partner starts freelancing when we have a kid. I'm planning to get pregnant sometime in 2019. My boss has also put me in for a promotion in June but I'm not counting my chickens yet.
Should I be putting more into my 401k now, and contributing less to the roth for tax purposes?
Also how will having a kid contribution tax wise?
PS- I should note that we plan to retire modestly in a much more LCOL area and we don't feel the need to leave a kid an inheritance as we'll be paying for school.
Submitted October 23, 2018 at 07:23AM by Jergens1 https://ift.tt/2R9p2f4
