My wife and I are 30 YO. We both recently got new jobs. We have not been making this kind of money in the past (we lived on my $63,000 income for a couple years). I make $116k and she makes $97k and live in a MCOL area. We owe $415k on our home (payment is $2792) worth about $460k. We have a rental home we owe $149k on that is worth about $230k. My BIL is our tenant and is paying us $200 on top of the mortgage for the rental, even though the market rate is $700 above our mortgage. He takes care of all the maintenance and is a good renter, though.
We have $95,000 in retirement accounts… that includes a Roth IRA, IRA, and two 401k’s.
My wife puts in 9% and her company matches 5.25%. I put in 6% and my company matches 3%.
My wife will receive the match this year. I haven’t been employed for a year yet so my match will start next year. Our company’s also give us an ESOP worth 3% of our salary. My wife will receive her first ESOP payment next month. I have to wait until the end of next year.
Once the 401k match and ESOP kick in, we will be contributing a total of ($116k x 0.12) + ($97k x 0.175) = $30,895 annually toward retirement. Is this enough or do we need to add extra in the Roth IRA or IRA, or something different altogether?
We have $95,000 in retirement accounts… that includes a Roth IRA, IRA, and two 401k’s.
My wife puts in 9% and her company matches 5.25%. I put in 6% and my company matches 3%.
My wife will receive the match this year. I haven’t been employed for a year yet so my match will start next year. Our company’s also give us an ESOP worth 3% of our salary. My wife will receive her first ESOP payment next month. I have to wait until the end of next year.
Once the 401k match and ESOP kick in, we will be contributing a total of ($116k x 0.12) + ($97k x 0.175) = $30,895 annually toward retirement. Is this enough or do we need to add extra in the Roth IRA or IRA, or something different altogether?