Hello! First time post, long time lurker. I'll give you a quick summary of me and then get to my question.
30 years old with a wife and little kids (13 years until college). Plan to retire at 40. Have about 500k net worth right now. You guys are going to hate on the distribution of my assets, but here goes.
Assets:
Rental house = $170k (paid off)
Mine and wife's tIRAs = $29k (90% stock index funds)
Primary Residence = $835k
Ally savings acct (1% int) = $100k
Liabilities:
Mortgage on primary = 640k (3.75% rate, 30 year)
Income/yr probably around $600k.
I work for a small company so no 401k, and then I have a side job that I own and operate. Buying another business soon, so that's why I have so much in a savings account. We have maxed our IRAs this year. So now where should I put my money? I was planning on putting it in a 529 for kids colleges. My accountant mentioned a SEP IRA, but if all my money is tied up in SEP IRA and tIRA, I won't be able to get to it when I turn 40 without penalties, right? So should I open a taxable account now so that I can access the money at age 40 penalty free? Or open a 529 and start saving for colleges? I need help! Thank you!!!