Hello,
First time posting. Looking for some thoughts on a problem I'm fortunate to have.
I'm trying to reach financial independence in the next ten to fifteen years (currently 28). But if I can do get there sooner, so much the better.
My question is what do you think is the best way for me to divide up my savings?
Background:
Salary: $55,000
Debt: $0
Condo: $50,000 (all cash purchase). Cost is low because it is income limited place.
HOA: $1076 (includes water, property taxes, and underlying mortgage; great deal for the area I'm in)
401k: ~$10,0000 (10% of salary + 6% match from employer)
Taxable investments: ~$60,000 (in Vanguard lifestrategy moderate growth)
Roth: ~$25,000 (in Vanguard retirement 2055). I set this up on my own; not a rollover or anything. Perhaps I didn't need to?
After-tax savings: $375 to Roth if needed otherwise to my taxable, $115 to bank savings account (for flights and occasional luxury like clothes).
Spending: My annual spending is around $27,000.
I've got emergency fund
Gift: My mom gives me $14,000 per year (IRS limit). Wants to give it to give me part of inheritance while I'm young. I save 85-95%. I donate a portion and set aside remainder for travel. I realize my good fortune with this and am doing my utmost to put it to good use.
Currently, I've been saving $5500 from my mom's gift to IRA, then saving the rest in my taxable account.
Do you all think that is the best way to divvy up this money? I'm not looking to do a 72(t) or anything when I am FI. Ideally would like to live off taxable and have my 401k and Roth as backups when I get to 59.5, then tap my Social Security at 67. Open to advice on that too!
Please let me know if I've been unclear! Been a long time since I posted on a forum.
Thank you!