As a continuation of this thread -
http://forum.mrmoneymustache.com/real-estate-and-landlording/another-rent-vs-sell-scenario/ - I wonder where I should start researching on what to do with the majority of my house sale (rental house #3) proceeds. I know I am counting my chickens before my eggs hatch (haven't sold home #3 yet), but the information I gain here will help me solidify my decision to sell (or possibly keep as a rental for one more year).
Home/house #1 - where I live, keeping
Rental house #2 - rented out, keeping
Rental house #3 - likely selling with proceeds exceeding $125,000
I'd like to keep the number even for discussion purposes at $100,000. So, where can you all direct me to invest this? Should I go with tax sheltered or not? Break it up into increments? Etc.?
Here is some information that may help you point me in the right direction to do more research:
Age today: 52.5
FIRE Goal: 57 (4.5 years)
457K (retirement plan): $250,000, adding $17,500/year until 57 and may increase by $5,000/year, with goal of $400,000 at 57. No penalty for withdrawl at 57 if needed, only pay taxes.
DW's IRA: $15,000 total
Social Security planned to be taken at 62
Employer Sponsered Retirement: $24,000+/year at 57
Life Insurance Annuity: $16,300/year tax free 'till I die (still alive at 105! is my goal)
Rental house #2 (after selling the one I'm discussing): net $6000/year
Current taxable income: $145,000/year
DW's potential income goal: $24,000/year starting next year at age 53 to 62 (she will work after I retire)
Debt (after sale of rental house #3 and pay off $44,700 LOC): $190,000 on primary home/house #1, with 14 years left at 2.85% (no deduction on interest since I don't have enough personal deductions to exceed standard deduction). Value is $275,000.
No other debt
Expenses ??? Good Question - Face Punch me baby!, but definately less than income/take home pay even with family of 5, I bike to work regularly (and take the bus), no TV cable, have an 11 YO van and a 8 YO SUV for the DW, solar on the roof, etc.
Need any additional information?
What do you say fellow Mustachians??