What's a plan of attack for me to increase the pace of retirement? I guess if I can't pay off my house faster to increase cash flow sooner, where should I be putting it?
Since you're maxing out retirement accounts already I'd recommend starting to invest in a taxable account.
For bringing the crossover point where your stash grows big enough to support your spending closer to the present, there is nothing like cutting spending which is why others are recommending a case study.
What is your current savings rate? (pretax savings + posttax savings)/(post tax income + pretax savings)
Thanks, I will check that subforum out. I started writing this as you replied, so lemme know if it would be duplicative to post again there. I had a hard time getting the table to look right.
Roughly $1939 invest-able 'excess' per month accounting for expenses and savings that go into HSA/TSP.
I have about 35k cash combined in checking/savings accounts. I am willing to reduce this amount to increase investments somewhere.
I have about $11k in a scottrade brokerage account that I haven't messed with much recently. I tended to lose money when I played with stocks, so I backed off and have just been selling over time to claim losses for tax purposes.
I have about $2k in lending club, but that hasn't seemingly been working out for me (2 years with current +0.16% ROI), so I am exiting those positions as they pay out.
The bulk of my HSA is invested through TD Ameritrade in five ETFs so far: VTI, VYM, VEU, MGK, and IVV.
My annual estimated budget is below:
Expenses for Grocery, restaurants, apparel, entertainment, education (at this point), Misc repairs and Misc other added together are 15k. This is likely an overestimate, but I can't say by how much.
Expense Name Amount Periodicity Annual Expense Comments
Mortgage $878.07 12 $10,536.84 27 more years
Car Loan $363.98 12 $4,367.76 7 more payments
Car Insurance $600.00 2 $1,200.00 2 Cars
Home Insurance $770.40 1 $770.40
Gas/Car related $59.57 12 $714.84
Electric $70.00 12 $840.00
Water $154.28 12 $1,851.36
Cellphone $495.00 1 $495.00
Internet $40.00 12 $480.00
Gas Utility $46.00 12 $552.00
Trash $73.96 4 $295.84
Amazon Prime $99.00 1 $99.00
Costco Memship $55.00 1 $55.00
Property Taxes $5,461.96 1 $5,461.96
Health Insurance $134.10 26 $3,486.60
Grocery $500.00 12 $6,000.00
Restaurants $250.00 12 $3,000.00
Apparel $100.00 12 $1,200.00
Entertainment $100.00 12 $1,200.00
Education related $100.00 12 $1,200.00 will increase over time
Personal Care $30.00 12 $360.00
Cont. to TSP $692.31 26 $18,000.06
Cont. to HSA $201.93 26 $5,250.05
Federal Inc Tax $391.82 26 $10,187.32
State Inc Tax $155.96 26 $4,054.96
Medicare FICA $59.36 26 $1,543.36
SS FICA $253.81 26 $6,599.06
Life Insurance $17.70 26 $460.20
FERS contr $35.43 26 $921.18
Misc. repairs $100.00 12 $1,200.00
Misc. Other $100.00 12 $1,200.00
Total Annual Est. Expenses $93,582.79 total expense
Income $4,428.80 26 $115,148.80 gross annual income
Est. tax return $1,700 1 $1,700
Net left to invest monthly 12 $1,938.83 net monthly 'excess'
Balance on Mortgage $180,633.12
rate 3.75%
Original term 30years fixed
appx. 27 yrs left
Balance on Spark $2,515.72
rate 1.49%
original term 3 years fixed
7 months left