Hello to all. My first post other than my "say hi" post. Thank you all for sharing your valuable time, knowledge, and experience to help the community.
I am in need of a review of my financial world. I lack confidence in this world so I could use some suggestions and direction. Of course, I would love to be financially independent. But I'd be happy with just "secure-ish" before social security time at 62. That ain't far away, so I need to stop firewalking and start firerunning.
Here's my scenario:
54 years of age, single guy with health being fair-to-midling.
Income: $16,000.00 (av $1,300 per month) total, after-tax, take-home pay (breakdown: $13,300.00 from my 4-days a week “day” job and $2,700.00 “side” job self-employed).
Health insurance is pre-tax at $862.80 per year ($71.90 per month).
$16,239.00 : Total Expenses taken from the example past 12 months (breakdown shown below).
($ annual / $ monthly)
$8,400 / $700.00 - apartment rent.
$1,547.00 / $128.00 - electric (apartment is heated with electric).
$456.00 /$38.00 - Verizon cell phone (just a basic phone). I'm told ATT also works around here.
$979.00 / $82.00 - gasoline.
$2,042.00 / $170.00 - groceries.
$400.00 /$34.00 - car maint. / repairs allotment.
$800.00 / $67.00 - insurance for car & apartment.
$500.00 / $42.00 - travel (surviving family lives 2K and 3K miles away).
$600.00 / $50.00 - donations, gifts.
$515.00 / $43.00 - entertainment, hobbies, eating out.
No land line, cable, internet.
Zero c.c. debt; paid off every month.
Zero mortgage (but expensive rent due to high property / school taxes here).
Zero loans.
Re gasoline, my day job is just under a mile away, but the self-employed job racks up a few miles.
The result for this 12 month example? (-)$239.00 savings. I always seem to be just about dead even every year. This 12 month period was a negative.
Current assets and savings (largely funded by an inheritance of 100K a decade ago):
$2824.73: Pre-tax HSA (provided in low interest checking account, started 2 yrs ago). My annual contribution is $2,800.00 ($116.66 per month) and the day job kicks in $500.00 per year.
$69,800.00: Fixed annuity (earning 3% with no re-set of rate in the plan).
$64,795.00: 401K (6% company match, currently set at 6% contribution of $105.74 per month).
Current 401K breakdown:
GIC $28,999.71
Vanguard VBTIX $11,336.59
Vanguard VIIIX $7,241.81
Vanguard VEMPX $4,809.35
Lord Abbett LADYX $4,751.95
Dodge & Cox Int. DODFX $3,518.05
Vanguard VTMNX $4,137.11
$48,519.07: Roth IRA (currently in a 1% apy cd).
$13,033.26: After tax emergency fund (currently in a 1% apy cd).
$5,206.53: After tax checking account balance (currently in a .05% checking account).
$2,700.00 : current estimated resale value: 2001 Toyota Camry; nothing owed and 127,238 miles.
$206,878.59: current total assets.
So, where does a guy go from here? I'm open to any suggestions and criticism. And thank you for plowing through this mess of mine.
firewalker