I'm far from the best person to take advice from, so I figured I'd just add a few thoughts for a few line items...
Paycheck frequency: Biweekly Biweekly
Paycheck Items Earner #1 Earner #2 Annual
Gross Salary/Wages
$7,392 $4,573 $311,066
Pretax Health/Dental/Vision Ins. $0 $154 $4,000
Daycare FSA $0 $218 $5,657
Employer-sponsored HSA $0 $208 $5,417
FICA base salary/wages
$7,392 $3,993 $295,993
401(k) / 403(b) / TSP / etc. $706 $457 $30,234
W-2 Box 1
$6,686 $3,536 $265,759
Employer Match $591 $274 $22,499
1040 AGI
$265,759
Payroll Taxes Biweekly Biweekly Annual
Social Security $306 $248 $14,397
Medicare $107 $58 $4,292
Income Taxes
Federal tax $1,647 2018, MFJ, item., 2 dep $42,828
State+local tax $556 VA state calc'n $14,465
Total income taxes $2,922 $75,982
Monthly
Add Health + Daycare reimb. $471 0 $5,657
Income before other expenses $16,286 $195,434
Monthly Average Expenses Comments
Mortgage $1,862 Input to Item. Ded. $22,346
HOA $20 $240
Property Tax $466 Input to Item. Ded. $5,594
Home/Rent Insurance $112 $1,343
Car Insurance $81 $970
Car Maintenance, Registration, etc. $50 $600 This seems low for the expensive cars you have
Child activities $300 $3,600 Consider limiting kids to one activity at a time, could help save time and sanity
Christmas/Holidays $200 $2,400
Clothing/Shoes $300 $3,600 This is a ton, and should be cut down
Dining (Lunch/Dinner/Etc.) $450 $5,400
Gifts (not charitable contributions) $25 $300
Electricity $85 $1,020
Emergency Fund $1,000 $12,000 What's your end goal with this? Will you contribute to other investments once this is fully funded?
Entertainment $200 $2,400
Financial Fees $10 $120 This is negligible, but random. Why is this here? What are you paying for?
Fuel/Public Transport $300 $3,600 Seems like a lot...getting rid of the jeep would help here a ton
Gas/Oil for heating $60 $720
Groceries $800 $9,600 Could be cut down with some planning, but not completely out of this world
Hair Care $40 $480
Household; Maintenance $878 $10,536
Internet $40 $480
Landscaping/Yard work $20 $240
Life/LTD Insurance $70 $840
Medical (Doctor, Hospital, etc.) $50 Input to Item. Ded. $600
Medicine (OTC + Prescription) $300 Input to Item. Ded. $3,600
Miscellaneous $200 $2,400
Pets $100 $1,200
Phone (cell) $132 $1,582
Recycling/Trash $42 $504
Subscriptions (paper/magazines/etc.) $112 $1,344 Do you really use all your subscriptions?
Travel/Vacation $250 $3,000 This seems super low, maybe it's true but i'd bet you're way off here
Water/Sewer $82 $984
Wine/Beer/Tobacco $150 $1,800 Holy moly, seriously?
Non-mortgage total
$6,925 $83,096
Loans
401k Loan $145 $1,744
Home Equity Loan $549 $6,589
Jeep Loan $645 $7,737
Audi Loan $559 $6,705
Total Expense
$10,685 $128,218
Total to invest $5,601 $67,216
Additional Loan payments $500 0 $6,000
Available for taxable investment: $5,101 0 $61,216
Summary:
"Gross" income $25,922 $311,066
Income taxes $6,332 $75,982
After-tax income $19,590 $235,084
IRA+401k/403b/TSP/457 $1,529 $991 $30,234
Living expenses $9,120 $109,442
Non-mortgage loans $1,898 $22,776
After-tax investable $5,601 $67,216
Time to FI?:
Guess at time to FI 9. years
Safe Withdrawal Rate 4.00% percent
Real return on tax-deferred investments 5.00% percent
Real, after tax, return on taxable investments 4.25% percent
Current Savings
Tax-deferred (e.g. trad. IRA/401k) $801,256
Projected Savings at Retirement
Taxable $837,543
Tax-deferred (e.g. trad. IRA/401k) $1,824,468
Roth + HSA $59,726
Total projected stash $2,721,738
Projected Expenses in Retirement
Non-loan, non-work expenses $83,096
Change in spending after RE -$4,000
Annual non-tax retirement expense $79,096
Income taxes $6,446
Total $85,542
Total loan principal due at FI $305,464
Stash needed for retirement @4.0% SWR $2,444,024
Have $277,714 extra.
Filing Status 2 1=S, 2=MFJ, 3=HOH
# Dependents 2
# Children <17 2
# Children <13 2
Adult #1 Adult #2
Age 40 42
Full-time student? 0 0
AGI $265,759
Std. Deduct. $24,000
Act. Deduct. $24,777
Exemption $0
Taxable $240,981
1040 Tax $46,415
Non-refund. CTC $4,000
Tax after n-r credit $42,415
Add'l Medicare tax $414
Net Tax $42,828
Mtg. Int. (approx.) $14,777 1000000
State tax $14,465 VA
Prop tax $5,594
Item. Deduct. $24,777
Version V11.11
Loans: Orig. Prin. Orig. Length Curr. Prin. Yrs left Rate
Mortgage $396,000 30 $385,206 28 3.875%
401k Loan $33,400 30 $29,828 4 3.25%
Home Equity Loan $30,000 5 $24,429 4 3.75%
Jeep Loan $37,016 5 $25,039 3 1.75% (Sell this car, get something paid off)
Audi Loan $33,526 5 $14,898 2 0.0% (Sell this car, get something paid off)