Hello All,
After much reflection I came up with my 2025 plan below and need some feedback. I am 38/DW 38 also. Located in HCOL NY. 2 kids - 6 & 9. My emergency fund is about 2 months expenses. Need to beef this up for sure. Monthly expenses are around $6K all in. Total gross is around $450K depending on hitting sales targets, etc. Base salary is around $268K.
Tax-Advantaged Savings
DW does not have access to 401K so planning on Maxing mine. I get around a 14% match total. Based on my math I need to only contribute an additional $12K after-tax to max out at the $69K - 70% SP500, 20% Ex-US, 10% Company Stock.
Backdoor Roth - Both of us - $14K
529 - Max out at $10k to get max state deduction for NY529
Additional Savings:
$7.5K per month - Taxable
$3K - VTSAX (Vanguard Account)
$3K - 50/50 Split - FXNAX/SGOV (Fido Account)
$1.5K - HYSA
We have about $138K left on the mortgage at 4%. Used to pay a little extra but when I was laid off about a year ago, I learned that liquid savings is more important (You can't eat your house) when I was out of work. Last time it took me a solid 3 months to find a job. I am in sales so monthly commissions have a tendency to vary.
No HSA for us. Our kids had a rough few years, so I just stuck with the standard health plan for this year.
I have little to no interest in ex-us.
Any thoughts on other cash-like investments for our emergency fund? iBonds/Munis/CDs?
Any other suggestions are gladly appreciated. I thank you all in advance.
After much reflection I came up with my 2025 plan below and need some feedback. I am 38/DW 38 also. Located in HCOL NY. 2 kids - 6 & 9. My emergency fund is about 2 months expenses. Need to beef this up for sure. Monthly expenses are around $6K all in. Total gross is around $450K depending on hitting sales targets, etc. Base salary is around $268K.
Tax-Advantaged Savings
DW does not have access to 401K so planning on Maxing mine. I get around a 14% match total. Based on my math I need to only contribute an additional $12K after-tax to max out at the $69K - 70% SP500, 20% Ex-US, 10% Company Stock.
Backdoor Roth - Both of us - $14K
529 - Max out at $10k to get max state deduction for NY529
Additional Savings:
$7.5K per month - Taxable
$3K - VTSAX (Vanguard Account)
$3K - 50/50 Split - FXNAX/SGOV (Fido Account)
$1.5K - HYSA
We have about $138K left on the mortgage at 4%. Used to pay a little extra but when I was laid off about a year ago, I learned that liquid savings is more important (You can't eat your house) when I was out of work. Last time it took me a solid 3 months to find a job. I am in sales so monthly commissions have a tendency to vary.
No HSA for us. Our kids had a rough few years, so I just stuck with the standard health plan for this year.
I have little to no interest in ex-us.
Any thoughts on other cash-like investments for our emergency fund? iBonds/Munis/CDs?
Any other suggestions are gladly appreciated. I thank you all in advance.
Statistics: Posted by BV3273 — Mon Dec 23, 2024 10:52 am — Replies 0 — Views 69