Hello friends,
I tried wading through the present posts to see if this topic has already been addressed, and I'll bet it has, but after a couple of hours of due diligence, I thought I'd better just ask.
I'm 44 years old, and I would really like to leave the rat race within the next 7 years. We are capable of saving about 50k - 55k per year, plus my wife desires to keep working beyond my projected walk-away date (good for health insurance and extra stashing). Right now, between my wife and I, we have 105k invested in our two 401k accounts and two Roths (yeah, we got a late start). The 105k is another subject I will be asking about later, but for now, my question is: after we max out the contributions for those four accounts, where should I put my remaining money?
From what I understand, it seems that Mustachians also invest in taxable accounts (like a Vanguard Index fund) separate from their 401Ks and IRAs, and that is the money they live on until they start tapping the 401Ks and Roths at 59 1/2. I would like to have 625k saved up before I walk away, but where does that money go? Is it split between the retirement and taxable accounts? Or, is the 625k for just the retirement accounts, and I need to save up a SEPARATE buttload of money in the taxable accounts? I hope that's not the case; otherwise, my walk-away date will be much further away,which would make incredibly sad. Thanks for any advice!