I'm not ready to jump into a full case study yet, I know I have a ton of things that could be optimized at the moment.
Short story. My salary is 72k in HOL area. I'm supporting my husband and soon to be child. My husband will stay home and is working on a kickstarter venture (they were fully funded but hes not taking much $$ for himself, hopefully we'll see some more pay off when the product is out, but its def a risk and we count him as no income for now)
I used to work for a private company who had 10% profit sharing into my retirement savings and now I'm govt getting 4% match.
I'm stressing about baby costs and even though my husband will be home, I'd love to spend some more time home then I'll get with the non-existent maternity leave I have. Buuuttt I would also like to keep saving money so I can get out of the govt game/HOL area for good in the next 5 years.
Basically I'm wondering if I could swing lowering my 401k contributions to 4% for the next year or two, but I know its kinda dumb for tax break reasons. Sorry, I'm not good with all the math and I know I'm probably really not optimizing things. Is it possible to have too much retirement savings or do the tax breaks always make that the first choice?
Anyhow, here are the basic stats.
72k income
75k in retirement accounts from former private employer
25k in govt retirement accounts
10k in nonretirement mutual funds
10k cash
no non-mortgage debt
Would it make any sense to cut my 401k contribution? (currently 10%) to free up cash flow and refill cash savings that will be drained after my LWOP or should I try to suck it up and just keep our costs really low/potentially take less time off?