Hi all,
We would really appreciate some insight into how we should be saving right now to be most efficient with our money.
We have about $315K combined income per year and could reduce our tax burden by maxing out 401K accounts for my wife and I (could put another $25K in between the two of us). We could also start contributing to a 529 plan.
However, we live in an area where we’ll need to buy a house that’s about $1M in the next 5 years to get our 8 month old into one of the top school districts. Currently we own a home in one of the worst districts that’s worth about $450K with 350K left on the mortgage. We have about $225K in high yield savings account and $200k in retirement accounts. We’re both 28.
With interest rates being rather high, should we focus on saving for the new house right now, or max out tax deferred retirement accounts or tax deferred college savings? FYI we want to have at least 3 kids. Thanks!
We would really appreciate some insight into how we should be saving right now to be most efficient with our money.
We have about $315K combined income per year and could reduce our tax burden by maxing out 401K accounts for my wife and I (could put another $25K in between the two of us). We could also start contributing to a 529 plan.
However, we live in an area where we’ll need to buy a house that’s about $1M in the next 5 years to get our 8 month old into one of the top school districts. Currently we own a home in one of the worst districts that’s worth about $450K with 350K left on the mortgage. We have about $225K in high yield savings account and $200k in retirement accounts. We’re both 28.
With interest rates being rather high, should we focus on saving for the new house right now, or max out tax deferred retirement accounts or tax deferred college savings? FYI we want to have at least 3 kids. Thanks!
Statistics: Posted by Civilcivil — Sat Mar 23, 2024 8:13 am — Replies 1 — Views 88