Have posted about our finances in other threads, but haven't ever done a case study. Long time lurker with minimal posts, but here it is:
Spouse and I make $112k annually in base salaries. Side hustle for me is around $5k annually adjuncting college courses, spouse uses existing computer parts to mine crypto currency depending on markets anywhere from $7k - $12k annually in convertible us $.
Expenses monthly: $2,406 (rounded up to $29k annually)
$965 mortgage taxes and insurance, 30 year fixed 3.6 @ $112k remaining (5 years in this August), taxes are roughly $4k year on $180k assessed value, insurance of $1200 annual
$189 utilities ($90 budget electric, $46 natural gas, $18 trash, $35 budget water)
Internet & phone: $135 ($90 1 gig fiber, $45 incl taxes for 2 Republic phones)
Insurance: $233 ($139 for whole life of $100k we're 9 years into a 15 year plan, so 6 years to go then no more; $24 for $250k term life for me, $18 for $1mil umbrella, $51.50 for auto insurance for 2 cars)
Netflix and Amazon prime: $19 monthly amortized over the 12 months
Gasoline for 2006 Toyota Camry: $35ish, other car is a 2014 Nissan Leaf hence the electricity costs as well as spouse's crypto currency mining costs in electricity
Grocery: $400 ($100 per week, roughly, we never eat out)
Kid items (diapers, wipes, garage sale clothes): $30 per month amortized over the year
Kid daycare amortized over the year (part time with me home during the summer, Grandma takes him half time with some full time weeks as needed): $300
Home expenses: $100 amortized over the year (1955 home, 3 bedroom, 3 bathroom, 1440 SQ feet, everything is updated within the last 5 years - windows, roof, foundation, crawlspace encapsulation, sunroom, 300 SQ feet patio, fenced in yard, HVAC replaced Jan 2017) we made the upgrades as we plan to stay here long term, bought for $160k August 2012 & now assessed at $180k for tax purposes, we could likely sell for $190k now based on comparable sales and the fact that the county tax assessment is typically $10k below sale price
Note: this doesn't include our health insurance costs, which are $312 month for family coverage with $1800 deductible & $4500 out of pocket maximum per year
Our savings:
$125k cash in a savings account earning 0.75% interest
$2,700 in a former HSA
$92,277 for spouse in 403b & 457 ($18k annually in each, with an extra 8.5% of his salary contributed by his employer for $4,250 annual match)
$32,600 for me in 403b ($18k maxed)
$90,000 state defined benefit pension balance for me (I am grandfathered in to receive 80% of my salary at 55 should I wish to take it, I am required to contribute 10% each year so $6,200 but I receive an employer match of 10.1% of my salary so another $6,200 annually)
Kids 529 plan: $7,386 and we are contributing $300 per month or $3600 per year
Vanguard Roth IRA for me: $17,973
Spouse Vanguard Roth IRA: $4,194
Pre-tax savings: $215k rounded up
Post tax savings: $171k rounded down
Debt: $112k mortgage
Maxing 2 403b x $18k = $32k
Maxing 1 457= $18k
Pension contributing = $6200
529 state tax deduction = $3600
Health insurance pretax = $3744 per year
Using child FSA to pay for daycare = $3600 per year
Expenses are $29k annually plus healthcare let's round up to $33k
Pre-tax savings take our taxable income from $112k to $44,400, if you include our 529 savings it's down to $40,800 (although no federal income tax deduction for 529 just state)
Only debt is a $112k mortgage with 25 years left at 3.6% interest.
I plan to save my car and bike to work and around town. Spouse drives the Nissan Leaf to work but he could bike if he wanted to, especially with our newly bought used kid and cargo bike trailer.
We'd like to retire in 10 years. Input and advice on that?
Should we pay off our mortgage with our cash since we plan to stay here long term?
We have a 2 year old son with what it sounds like is mild Autism, and we don't plan to have any more kids.
Appreciate the input and advice about how we can streamline our life and finances.