Hi Folks,
I'm new to the forum and appreciate all the helpful insight that is being provided. I've also been reading through MMM and jlcollinsnh and enjoying it.
My wife and I have 50,000 to invest annually and we are looking for advice on which vehicles, 401k, IRA's and taxable accounts we should fund and in what order. I understand this has been asked alot in other threads but hoping to narrow down the information for our particular situation.
Net Worth: 718,000
Income: Current gross is 113,000; 90,000 for me and 23,000 for her
Ages: I'm 54 and she is 50. Looking to retire in 6 or 8 years.
Current expenses:
Rent: 1250/mo; 15,000/yr
Utilities: (Gas, Elec, CellPhone, Cable/Int.) 545/mo; 6,540/yr
Food: 600/mo; 7,200/yr
Auto loan: 22,000@1.9%; 420/mo;5,040/yr
Auto Gas: 280/mo; 3360/yr
Insurance: (Auto 3cars (mine, wife,son), Rent, TermLife) 314/mo;3768/yr
Totals: 3409/mo; 40,908/yr
Assets:
tIRA - 525,000 Edward Jones (I know, I know.....)
401k - 55,300 (mine; 100% employer match to 6%)
401k -1,700 (hers, 100% employer match to 4%)
HSA's - 3879
Roth(1) - 16,500
Roth(2) - 4,300
529's - 23,858
Cash - 110,000
Total - 740,537
Liabilities: 22,000@1.9% auto loan
Specific Question(s): The large cash amount will be broken out for house down payment, emergency fund, 2014 IRA catch up, 2015 IRA max out, and remainder for taxable accounts. For the house were are looking to stay below 150,000 cost using 20% down @ 2.75% for 15 years. So at this point with our age and years to retirement we're not sure if we should be maxing out the 401k @ 24,000/year (100% employer match up to 6%), then onto deductable tIRA or Roth. I know we are tax deferred 'heavy' so does it make more sense to fund taxable investments?
Sorry if I have left anything out, I will edit my post as questions arise.
Appreciate taking the time to look this over and provide any guidance.