Hi!
Currently I'm maxing out two ROTH IRAs for my wife and I and adding a little more to our ROTH TSP account I have access to.
Because I have the ROTH TSP available, my maximum ROTH bucket for 2013 was $28,500.
I'm currently planning to vastly ramp up our retirement contributions once our house is paid off, but not before then (we're currently doing 15% pretax towards retirement).
My question is, where should I be putting my money so that I can access it without penalties before I hit 59.5yo?
Are the penalties big enough that I should put some of the money elsewhere? As it stands, if I continue to solely use my ROTH options, it'll be a while before I can completely max all of them. We basically need to pay the house off before I can do that.
As it stands, my retirement plan with the ramp ups I'm expecting from paying the house off and being promoted throughout the years I will retire at 45 (I'm 31) and begin harvesting a gigantic income stream from my investments once I hit 59.5.
The only issue I have with my current plan is, I do NOT need all of that money that I'll get if I follow this plan. I mean, the numbers I'm coming up with are ludicrous. We're currently living off of about $44k a year, and once the house gets paid off that'll drop to about $30k/year. The current estimations are that once I hit 59.5 I'll end up with approximately $450k/year.
Any help on what/where I should prioritize putting my money so I can retire much earlier instead of super wealthier?
Thoughts? Ideas? Comments? Questions?
Thanks for the help guys!