Topic Title: Maximizing my retirement accounts. What to do next?
Life Situation: Ages: 34 (myself), 29 (wife). Married filing jointly. Paid off home. No kids yet, but we are trying to start a family.
Gross Salary/Wages: $74,000 (mine). $11/hr (wife), and it comes to around $20,000. Total $94,000.
Retirement accounts: Maximizing my 401k (no company match), Roth IRA and HSA. 10% of wife's paycheck goes towards her 401k. There is a 6% match for her. She has no Roth IRA account.
Adjusted Gross Income: $91,190 (based on 2016 tax return)
Taxes: Federal tax bill - $9644; State tax bill - $3474
Current expenses:
Total expenditure for 2017: $146,334.28. It is this high because we paid off our mortgage
Total expenditure without mortgage: $19,963.74
Food expenses (groceries and eating out): $3226.18
Utilities: $1966.62
Assets: Amount & description - include current asset allocation plan if you have one
This is our net worth breakdown:
https://imgur.com/a/NA0N3This is our investments breakdown:
https://imgur.com/a/4AnatSpecific Question(s): I have a few questions that I want your opinion on.
1. I have a little over $2000 left over each month. At the moment, I am contributing all of it to VTSAX in my taxable investment account. Is this a good idea?
2. Should I consider opening a Roth IRA account for my wife? If so, what should her asset allocation be? Should I just go with 100% VTSAX?
3. How should I budget fun money each month? Given my income and lifestyle situations, what do you think is the appropriate fun money for the both of us each month? We are both immigrants, and...we do not know how to budget for fun.