Thanks in advance for your input! Sorry for the new account, but I didn't feel comfortable posting this much info with my main account... I'm paranoid :-/
Life Situation: Married (both 29) w/ 1 6 month old infant. I work a W-2 job, Wife has a small business that is very much on the back burner until our son is more independent. No plans for more kids. Northern VA, USA
Gross Wages: $94.5k (Main job) + $16.5k (side job) = $111k
Employer Match, 401k: $4,725
Pre-tax Deductions: $18k (401k) + $11k (2x TIRAs) + $3250 (Health Insurance) = $32225
Post-tax Deductions: $4128 (Pension) + $240 (Life Insurance) = $4368
Other Income: $5k (small business)
Estimated AGI: $83,775 (MAGI $94,775)
Fed and State Income Tax: $10,758 (Per cashflow.xls)
FICA, SS, Medicare & Self Employment taxes: $8942 (Per cashflow.xls)
Current Expenses:
Mortgage PITI: $1,901/ mo, $22,812/yr
Auto/transport:$600/mo, 7200/yr. Includes, gas, insurance, and $400/mo into a savings account for maintenance/replacement costs
Groceries,cleaning supplies: $450/mo, $5400/yr
Household Maintenance/improvement:$400/mo, $4800/yr. (Deposit into a savings account to handle these costs as the come up.)
Entertainment/Dining out:$250/mo, 3000/yr (Netflix/hulu, movies, restaurants, fast food...)
Medical:$200/mo, 2400/yr (Prescriptions, co-pays)
Utilities:$175/mo, $2100/year. (Gas heat, Electricity, Internet, water)
Shopping:$150/mo, $1800/yr. (Clothes, random stuff)
Misc: $100/mo, $1200/yr. ($50 each for 'fun money')
Kid costs: $75/mo, $900/yr (diapers/wipes)
Cell Phones:$50/mo, $600/year (Two lines, one Ting, one tmobile prepaid)
Gift Budget: $50/mo, $600/yr
Student Loan min payment: $50/ mo, $600/yr
TOTAL: $4401/mo, $52812/yr
Expected ER Budget $40k/yr; moving to a LCOL area.
Assets:
Emergency fund: $13.5k (1%)
Car Maintenance Account: $6k (1%)
Home Mainenance Account:$5k (1%)
TOTAL CASH: $23k
401k (TSP): $21.5k
TIRAs: $9k
Roth IRA:$10k
AA is 60% US Total Market, 30% International, 10% G-fund (bonds)
TOTAL INVESTMENTS: $40.5k
Liabilities:
Mortgage: Original Principal $313k, 4.25% interest, $303k Balance
Student Loan: Original Principal $5k, 2.9% interest, $3.8k Balance
Specific Questions:
Just looking for a general check-up, and suggestions for further optimization. Current FI plan is to move to a LCOL college town in ~15 years and teach about half time, or start a tutoring business for ~$20k in income for 10 years or so. I expect to get about $15k in SS at age 70 and $10k in inflation-adjusted pension at age 62. CFiresim says this is workable, and so does cashflow.xls with an assumed 5% real return.
Also, I am trying to decide on the # of exemptions for my w-4 in 2016 and came up with 8- does that sound reasonable?