Hello MMM Community
Would love the sage advice that maximizes my ability to retire early and have free time.
I know this is hard to help me without background information.. so here it goes.
CS: current situation
CJ: current job
Job 1
Job 2
CS:
36 yo married (1 income)
Retirement , pre tax contributed : 180,000 in 401k
(I just learned about backdoor last week!)
Cash savings: 1,100,000 in high interest accts
House: paid off, 250,000
Cars: late models, 2, combined value : 17,000, paid off; considering new car (cost 50,000 for "fun" would be ev to allow for green road trips, would pay cash, and also looking to buy next home also hopefully green so expect higher costs, when job decision is done)
CJ:
leadership position
Base Salary: 239,000
Bonuses and incentives for productivity/holiday/ not guaranteed: up to 70,000/year
(Salary for tax 2018: 324,000)
Retirement acct: Match 5% of base salary
Medical : Paid
Problems with current job: co workers, co workers, co workers, am middle management and am not given tools to do my job such as budget or time, often work after hours to make up for this but compensation is not time based but on results. Did I say co workers? Managing whiners and pushed between the top and bottom. I am always putting out fires and behind so I spend some weekends taking calls and coaching people.
Job 1:
No titles, just plug play and leave at end of day. Effectively can turn phone off when I walk out.
Base Salary: 239,000 (can try to negotiate but does not sound like it can be)
Bonuses and incentives for productivity/holiday: none, it is better staffed so there is no scheme to reach these
Retirement acct: Match 12%
Medical: I pay 200$ per month
Cons: Clear across US from extended family, different coast but they agreed to pay moving expenses to overcome that "issue"; state tax would be about 15-17,000$ for me
Job 2:
Same town
Same title.. or so they say but maybe not as I know things change when you start a job.
Base Salary: 275,000
Bonuses and incentives for productivity/holiday: none, also not needed as they are well staffed
Retirement acct: Match 5%
Medical: Not sure, I think full paid by them
Cons: None (except I interviewed for the 12% match job "JOB 1" and said WOW.. and now I am enlightened by MMM! But I need to confirm this and do not know how without looking sly )
Thank you for your sage advice and tips. I am especially puzzled about since I am high income over years (5 -10 years) to ER time which path has best yeild... High match, lower post tax pay but state income tax Vs. Higher upfront pay?
FWIW goal is to retire in 10 years. Kid is a maybe yes maybe no, would be 1.
Thank you again!!