Hello all I first posted my sad state of affairs a few years back which can be found here:
https://forum.mrmoneymustache.com/case-studies/*case-study-clean-shaven-but-hoping-to-grow-some-whiskers!/msg1863175/#msg18631756 month later I added this update:
https://forum.mrmoneymustache.com/case-studies/**update**-for-mrcleanshaven/msg2081912/#msg2081912that brings us to today's update!
I am about to turn 47 years old in March. I am now 100% debt free! My expected income this year will be $35,000 and my expenses are very low still at about $1200 a month. So I expect to have about 20k to invest this year. I will max out my Roth IRA at $6000 but what to do with the rest? What is the best way about starting to set up a plan towards retirement? After funding my Roth IRA I will have 14k left over to invest. What would you recommend to get started? I have heard people speak of self funded pension plans. Can anyone set one of those up and are there tax advantages? Right now my IRA is basically 97% stocks should I start adding some bonds or cd's to balance it out a bit?
My current assets are approx $16,000 in my Roth IRA which has some individual stocks along with some money in a Vanguard Total Index fund. I have $15,000 emergency fund sitting in a Barclays savings account earning 1.70% APY. I have about $2000 in 12 month cd's staggered out over the year. I am also saving up for a car and I have $5000 set aside for that so far. I will continue to add $500 monthly to the car fund until my current one dies. I bought my current car for cash back in 2007 so I've gotten my money's worth!
I still play poker professionally and as many know there is some variance as far as exact income but I assure you at the stakes I play it's pretty much a given that over the course of a year my expectations are met. I have 10k in cash I am using as my poker bankroll and another 5k in my checking account that I use to pay my monthly expenses. At the end of each week anything I have OVER 10k I deposit into checking. After bills are paid I still have 5k+ I transfer the excess to Barclay's savings. My Roth IRA auto debits $125 a week from my checking.
Let me know any questions that would help you understand my situation better. I appreciate any and all feedback I understand my situation is a bit unique and I don't mind the criticism.
thanks
MCS