Hi, I am not expert in regards to retirement plan. But i am trying to find the best financial plan fits to us money wisely.
We have contributed on our retirement accounts since 2019.
We realized that we both are far behind on our retirements compare to others in our ages.
We are thinking to sell our investment property to use the money to max out our retirement and remaining to buy stocks in our brokarage account.
Please advise us if this is good decision to do it in our situation.
Current retirement assets
Taxable (please understand me that I put actual amount as this is easier to me)
$0 cash (for investing – do not include emergency funds)
$2.5k emergency money
His brokarage account - we are using this as our emergency money
$47k (120 share) of MSFT
His 401k(TSP)
$65k 100% C fund
Company match? 5%
His Roth IRA at Schwab
$7k
His Tra IRA at Schwab
$13k
His Rollover IRA at Schwab
$33k
================================================
Her brokarage at Fidelity
$12k (invested mostly NVDA, MSFT, TSLA, LIT, SPCE..etc) at loss $2k
Her 457b (40% large gab index fund, 25% mid intex, 25% small index, 10% international)
Roth : $22k
Tax deferral : $7k
Company match? No
T-IRA 9k
Roth IRA $19k
529
Each kid $6.5k in fedelity (We only put fund whenever they get gift money)
In summary, he has $119k in his retirement and she has $57k in her retirement. Mostly we invest in S&P 500 index fund not set up for bond yet.
He works for USPS as a mail carrier. He became regular 2020 so his pay $25 per hour.
he contributes his TSP $1916 (tra $1490, roth $426) per month since last year.
After this, his net pay $2.5k everage per month (this includes OT pay $1k)
She works for CA state.
She contributes her 457b $2000 per month ($1000 roth $1000 tax deferral)
She contributes roth IRA $600 per month.
After this, her net pay is $2.5k (this includes monthly OT pay$1k)
Our primary home value $800k (160k mortgage left- 13 years left with 2.15%) we rent out in law unit at $1500 so it covers our mortgage.
Rental property value $500k (mortage 250k, 26years, 3.34%)
If we sell this at $500k we assume to have $200k left after all expense and loan paid off. Purchased in 2020 at 380k.
If we sell the rental property, with $200k, we would contribut max to his IRA for next 5 years until his pay can afford to cover IRA, buy her car within 3 years , contribute $$$ to 529 each kid, buy index fund for 100k and rest of them save in like high rate CD.
He : 44 years old
She : 41 years old
Twin boys at 7 years old.
My writing looks clutter, hope this is understandable. but please review carefully as if you are helping your little sister![:)]( "Smile")
. Any advice is appreciated. Thank you for your time to read this.
We have contributed on our retirement accounts since 2019.
We realized that we both are far behind on our retirements compare to others in our ages.
We are thinking to sell our investment property to use the money to max out our retirement and remaining to buy stocks in our brokarage account.
Please advise us if this is good decision to do it in our situation.
Current retirement assets
Taxable (please understand me that I put actual amount as this is easier to me)
$0 cash (for investing – do not include emergency funds)
$2.5k emergency money
His brokarage account - we are using this as our emergency money
$47k (120 share) of MSFT
His 401k(TSP)
$65k 100% C fund
Company match? 5%
His Roth IRA at Schwab
$7k
His Tra IRA at Schwab
$13k
His Rollover IRA at Schwab
$33k
================================================
Her brokarage at Fidelity
$12k (invested mostly NVDA, MSFT, TSLA, LIT, SPCE..etc) at loss $2k
Her 457b (40% large gab index fund, 25% mid intex, 25% small index, 10% international)
Roth : $22k
Tax deferral : $7k
Company match? No
T-IRA 9k
Roth IRA $19k
529
Each kid $6.5k in fedelity (We only put fund whenever they get gift money)
In summary, he has $119k in his retirement and she has $57k in her retirement. Mostly we invest in S&P 500 index fund not set up for bond yet.
He works for USPS as a mail carrier. He became regular 2020 so his pay $25 per hour.
he contributes his TSP $1916 (tra $1490, roth $426) per month since last year.
After this, his net pay $2.5k everage per month (this includes OT pay $1k)
She works for CA state.
She contributes her 457b $2000 per month ($1000 roth $1000 tax deferral)
She contributes roth IRA $600 per month.
After this, her net pay is $2.5k (this includes monthly OT pay$1k)
Our primary home value $800k (160k mortgage left- 13 years left with 2.15%) we rent out in law unit at $1500 so it covers our mortgage.
Rental property value $500k (mortage 250k, 26years, 3.34%)
If we sell this at $500k we assume to have $200k left after all expense and loan paid off. Purchased in 2020 at 380k.
If we sell the rental property, with $200k, we would contribut max to his IRA for next 5 years until his pay can afford to cover IRA, buy her car within 3 years , contribute $$$ to 529 each kid, buy index fund for 100k and rest of them save in like high rate CD.
He : 44 years old
She : 41 years old
Twin boys at 7 years old.
My writing looks clutter, hope this is understandable. but please review carefully as if you are helping your little sister
. Any advice is appreciated. Thank you for your time to read this.Statistics: Posted by dey2000 — Thu Jan 18, 2024 5:39 pm — Replies 0 — Views 98