It has been a wild 24 months that we calmly managed. It involved job changes, exiting a deteriorating situation with an investment property, and firing an investment manager that we found to be ineffective. We finally righted the ship. We think we're in a solid position. I'd like to detail it below and then ask what we should focus on next? We're not uber wealthy or a high net-worth family.
Personal Info:
- Me 47, spouse 45
- Two kids aged 15 and 11, on track for $80K in 529's for each (jointly supported by us and grandparents)
Investments:
- $475K in retirement funds as:
- $335K in stock market ETF's (various, some in workplace funds) (70.5%)
- $26K in FTBFX bond fund (5.5%)
- $114K in an "Alternative Income Fund" (24%) (see note)
This is a remenant from the investment manager that pays over 9% annually in a dividend. Everything else he did was poor, but I've decided to keep this for now. I use the quarterly dividends to buy more FTIHX, effectively lowering it's percentave in our AA
Going into 2025, we intend to max my wife's 457 and my Simple IRA ($3,333/mo) - this represents about 22% of our income. The plan is for it all go to into the stock market ETFs. We have never been high-income earners, but our salaries went up a decent amount the last couple of years.
Residence:
- Our home would sell for around $525K. No plans to move for a long time. We decided to pay most of it off with the proceeds from our rental sale. We have $32K left, and just recast it on the remaining 6.5 years at 3.25%. We need to buy a car soon and plan to pay cash and manage the lower rate.
My estimate is that at age 62 we'll have about $2.25MM (I assume a 7% return in my math to make sure we're saving enough. Hopefully it will be more). Between that an an expected $60K/yr in pension and SS, I think we'll be solid.
Now that the ship is finally righted, I think we can do more, probably between $5K and $10K more in 2025. Looking for advice on what that should be. TIA
Personal Info:
- Me 47, spouse 45
- Two kids aged 15 and 11, on track for $80K in 529's for each (jointly supported by us and grandparents)
Investments:
- $475K in retirement funds as:
- $335K in stock market ETF's (various, some in workplace funds) (70.5%)
- $26K in FTBFX bond fund (5.5%)
- $114K in an "Alternative Income Fund" (24%) (see note)
This is a remenant from the investment manager that pays over 9% annually in a dividend. Everything else he did was poor, but I've decided to keep this for now. I use the quarterly dividends to buy more FTIHX, effectively lowering it's percentave in our AA
Going into 2025, we intend to max my wife's 457 and my Simple IRA ($3,333/mo) - this represents about 22% of our income. The plan is for it all go to into the stock market ETFs. We have never been high-income earners, but our salaries went up a decent amount the last couple of years.
Residence:
- Our home would sell for around $525K. No plans to move for a long time. We decided to pay most of it off with the proceeds from our rental sale. We have $32K left, and just recast it on the remaining 6.5 years at 3.25%. We need to buy a car soon and plan to pay cash and manage the lower rate.
My estimate is that at age 62 we'll have about $2.25MM (I assume a 7% return in my math to make sure we're saving enough. Hopefully it will be more). Between that an an expected $60K/yr in pension and SS, I think we'll be solid.
Now that the ship is finally righted, I think we can do more, probably between $5K and $10K more in 2025. Looking for advice on what that should be. TIA
Statistics: Posted by Ryan_Colorado — Mon Nov 11, 2024 7:29 pm — Replies 7 — Views 842