Hi all, first post here, so please be gentle. I'm a 27 year old single male--dating for 3 years, and could take it to the next level in another year or two.
Income:
Job 1
$70k Gross Per Annum
$5,833/mo Gross (paid semi monthly)
$3,510/mo Net ($946 Fed Tax, $348 SS, $82 Medicare, $266 NY Tax, $2.60 NY Disability, $201 single health coverage, $8.24 dental coverage, $2 vision coverage, $466 401k contribution (currently @ 8%)
Job 2
$19.5k Gross Per Annum
$1,625/mo Gross (paid bi-weekly)
$1,096/mo Net (average--withholding vary as the schedule rotates on a 3 week basis)
Currently at 10% 401k contribution.
Both jobs are currently at a single withholding status, and 0 exceptions for federal and state.
Mortgages:
Owner Occupied--UPB=$105k--15 year (just refinanced) @ 3.5% No PMI--PITI Pmt=$1,050--Value=$135k
Rental (family occupied)--UPB=$45k--15 year (just refinanced) @ 4.0% No PMI--PITI Pmt=$600--Value=$85k
Retirement-401k:
Job 1-$28k ADP/ING
Current YTD Employee Contributions: $10,274
Note: Employer Contributes $114/pay period match MAX (4% of salary)
Job 2-$15k (even split between 401k pretax and post tax) PUTNAM
Current YTD Employee Contributions: $556.61 pre tax, $556.61 post tax ($1,113.22 total)
I play to max out 401k contributions for the year and fully fund a ROTH.
I currently have $5k in savings.
Budget:
$1,050 Mortgage 1
$600 Mortgage 2
$50 Gas (work from home)
$50 Auto Insurance (liability only--pay once every 6 months)
$100 Home Improvement (will reduce as just about completed where I'd like to get this small home)
$25 Craft Beer per month
Total Outlay: $1,875
Net Income: $4,606
=$2,731 Leftover at current standing
Other Income:
$200 (girlfriend pays $200 towards mortgage, paired with covering all utilities and food expenses)
$400 rental income from mother towards $600 mortgage
I do not like to count this money should circumstances change.
Looking how to best allocate this money to fund retirement. Even distribution to max out 401ks is obvious, paired with an immediate $5,500 full funded ROTH. What's next?