Hello all:
I'm looking for some advice on income/asset allocation so that I can continue to build a solid nest egg for retirement while also positioning myself to move into a nice single family or townhouse in perhaps 5 to 6 years.
I made the mistake of purchasing a third floor walk-up, one-bedroom condo in 2006 that ended up blowing a hole in my net worth, but have managed to somewhat recover from that decision by saving 50-60% of net income since 2009, paying down a substantial part of the mortgage, and refinancing in 2011. My place is fine, but I'd like to make just one more move to a home in which I'd be happy to retire.
I'm not terribly interested in ER as I absolutely love my job and only work 9 months per year anyway with incredibly manageable hours. I'm 36 years old and single.
Income
Salary: $52,000
Sick Leave Buy Back: $1,680
Tutoring: $12,000 [average over past 5 years]
Total Income: $65,680
Expenses
Cable/Internet: $130
Utilities: $45
Mortgage/HELOC/Property Taxes: $643
HOA: $236
Insurance(Car/Condo): $124
Medical/Dental: $30
Food/Entertainment/Travel: $400 [average over past 5 years]
Total Expenses: $19,296 ($1608 monthly * 12)
Savings
403(b): $17,500
IRA: $5,500
FRS: $1,800 (3.5% pre-tax contribution by state law)
Total Savings: $24,800
*after taxes, I project that I'll have ~$4,000 spare cash going into checking/savings in 2014
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Assets
Checking/Savings: $22,000
Taxable Investments: $83,000
Roth IRA: $72,000
Rollover IRA: $12,000
Traditional IRA: $11,600
403(b): $7,500
FRS (state investment plan): $62,000
Condo: $76,000 [according to Zillow; similar units have been selling for $85k-$90k this year]
Total Assets: $346,100
Liabilities
Mortgage: $72,500 [15-year, 3.875% note]
HELOC: $2,800 [5%]
Total Liabilities: $75,300
Total Net Worth: $270,800