We already max my 401k, Roth IRAs for husband & myself, HSA, and an SEP IRA for my freelance writing business. We also contribute a bit to my husband's retirement plan, but not a whole lot because church retirement plans aren't guaranteed like typical retirement accounts. (If the denomination runs into financial trouble, we could lose his money).
We own a home worth $280k and have a mortgage of about $185k @ 3.75%.
Emergency fund is $20k.
We have some taxable investments but the majority of our FIRE funds are in tax-advantaged accounts. Our current FIRE funds are at ~7x, with our total net worth (including home equity) around 9x.
So... I'm trying to decide what to do with extra money that comes in above and beyond our plan (anywhere from $5k-30k/yr, realistically). The problem is that the time horizon for when we'd use this money is REALLY uncertain.
1. We might use it in the next 1-10 years. We're considering a move from our current rural small town (which we hate) to a different area (which would probably mean a slightly more expensive home and perhaps a period of job-hunting for whichever of us doesn't get the job offer that permits the move). I like the idea of having money that we could use to make a larger downpayment on our next home, allowing us to lower our monthly payments for more flexibility as we change jobs.
2. We might leave it alone until FIRE, which is probably 10-15 years away for us (depending on what happens with jobs/relocation/etc).
The time uncertainty is making it tough for me to decide. If I knew we were moving in 3 years, I'd probably put it in savings. If I knew we wouldn't use it until 10-15 years from now, I'd put it in taxable investments.
Do I split it between savings and taxable investments?
Do I just put it in taxable accounts and accept that it may not make sense to withdraw it at the time we relocate (if we even DO relocate)?
Do I take the middle-of-the-road approach and use it to pay down the mortgage? (Part of me likes the idea of having it separate from the mortgage, in case we want to close on a new home before selling the current house... but realistically, I'm probably too risk-averse to have two mortgages, so that's probably a silly concern.)
I want to set a strategy and stick with it, but I can't decide what's best in this situation.