So, for the next year I'm considering whether to max my 401K before doing IRAs or mortgage paydown and such. I don't really like the 401k that well, due to higher fees than my Vanguard IRA. Here are some quick income and expense numbers. Background - I'm 29 years old and my wife is 26, we have one small child. We've been on this train for 2 years now.
Monthly income- Me $4250 Wife $3350 My side gigs: $800
Less taxes, current 401k contribution ($510), health insurance, maxed HSA etc. it comes to about $5700
Monthly expenses less mortgage: $2900 - this will go down some as there were excess medical bills for childbirth, a new roof, etc.
Mortage: $1500
Total $4400
As you can see, there's about $1300 a month left. That's enough to either max out our IRAs or the 401k, plus a bit extra. My current thoughts are to max out the 401k and then use whatever is left for Roth IRAs. I have been going Roth so that we have something that can actually be withdrawn while we're waiting for any rollovers to season for 5 years.
Now, I have a weird mix of funds between the IRAs and the 401k.
401k :
Blackrock S&P 500 $26336
American Funds Capital World G/I R3 $3161
Columbia Select Large Cap Value A $2366
First Eagle Global A $1493
JPMorgan SmartRetirement 2050 A $1293
Columbia Cmall Cap Index A $661
Columbia Mid Cap Index A $657
And a few others totaling around $1000, including janus enterprise S, Global Bond A, Alger Capital Appreciation A, and Oakmark International II. Blech.
In the IRAs - these are Roth IRAs held by either myself or my wife.
Vanguard REIT index ETF - $2835
Vanguard Total Stock Market ETF - $5941
Vanguard Windsor II Fund Investor Share $3164
Vanguard Total Bonbd ETF $2074
Vanguard Total INTL Stock Market Index Fund ETF $1788
Vanguard S&P500 ETF$605
There's a bunch of overlap and I don't really understand it. I don't even know how to calculate my allocations, so I'm wondering if I should just throw all of the 401K into the Blackrock S&P500 and split the IRA 3 ways between total stock market, total international, and the REIT index.
Any thoughts? Should I post more specifics, or any suggestions on what I should do to run the numbers better?