My wife and I are both 32 with a kid on the way (due in February) and we are currently living rent free (we live with her parents). Our joint income before taxes is about $163K. Our take home every month minus taxes and 403b/401k contributions (15%) is about $7670.
Currently I have $33,692 in my 403b and $14k in an employee funded pension account where I can control the investments (I work for the state and they fund the account annually at 6.5% of our annual salary, my salary increases on average 2-3% a year, it is currently 75K). I also have $6560 in a ROTH IRA.
My wife has 1K in a ROTH IRA, $27K in a 401k. We also have a joint savings account with $8k in it and an ETRADE account with about 1k in ETF investments (ITOT, IJR, IXUS).
Our monthly expenses are around 2700 per month and we are currently putting 2500 per month into a high yield savings account, 1k per month in IRA contributions, and $400 per month in the ETRADE account. The high yield savings account is for a future down payment on a house.
Here are how my accounts are invested at the moment:
ETRADE = 60% ITOT; 30% IJR; 10% IXUS
Fidelity 403b = 28% FSPSX; 25% FSKAX; 16% FXAIX; 15% FSMDX; 8% FPADX; 8% FNBGX
Vanguard Pension Account = 37% VINIX; 30% VWILX; 20% VEXAX; 8% VEXRX; 5% VWIAX
Wife's 401k = 50% GTLOX; 20% VIEIX; 20% VTSNX; 10% DFSTX
So I just want some insight about how we are doing. We obviously should have more saved up by this age but between our wedding, job situations, and some questionable financial decisions this is where we are at. We both have very stable jobs and are on a very good path now but I just want to make sure we are investing our money correctly.
Our goal would be to be able to retire at 55.
Thank you.
