I am hoping for some advice from all you fine planners on how to get my family's financial future in order.
I am a 38M married to a 29F with a baby on the way. To my ever-growing shame, I've never given much thought to retirement and I always thought saving for it was for people whose companies offered 401Ks (mine never have). For a long time, it was always the next thing I had to deal with but never got around to. Now with a baby on the way and the possibility of my wife living 20 years longer than me I am trying to get my ass in gear and my ducks in a row.
My wife and I have a combined income of $65-70,000 with the possibility of doubling that in 2-3 years (returning to school for nursing). We have no debt atm but also very few real assets to speak of. No house (1,250 rent) and only about $12,000 in a Roth IRA invested in an S&P Index Fund. We have about 2,000 in savings account for an emergency fund and another 10,000 in a checking account (what should we do with this?). My wife's work will offer her a 401a in a year but nothing there yet. Should we be investing what little we have in a different way? What are the priorities for getting on track? Is it too late to build a comfortable retirement for my wife and me? How can I reasonably make up for lost time? Is it still possible to contribute to my kid's college?
TIA to anyone willing to give me advice. I know I've got so much to learn still but I'm desperate to do right.
Submitted May 17, 2021 at 07:47PM by idiotidiom https://ift.tt/2RYZTcI
