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Virtually all of our belongings are in IRAs (Partner- 1.3M in an IRA/401k, 150K Roth. Me- 570K in an IRA and 230K Roth) We at present have:
82K in a 529 (invested in all shares)
25K in I bonds (earmarked for faculty)
3K in a brokerage account
15K in a HYSA
17K in HSA
Whole excluding 529: ~2.3M
Partner could have Social Safety of 4100 at age 70. I’ll have round 1200 at 62.
Proper now, my partner is contributing 30,500 to his 401K plan and 8300 to the HSA. He might retire in a few years or subsequent yr, who is aware of. He is not positive. Our internet earnings is 67K a yr and we largely spend all of this.
We’ll in all probability spend round 75K-80K in retirement (together with taxes).
After I run the NPC on a few school web sites, it looks like now we have to return up will round 46-49K a yr for personal school.
My questions are:
1) Ought to my husband be contributing a lot to his 401K now? It looks like now we have sufficient saved in our retirement accounts.
2) Ought to we divert that cash into our 529 plan? Or do you suppose there may be sufficient there already?
3) Or must be be saving extra in money/brokerage? We will at all times use it to pay the taxes on a Roth conversion, if that is really useful.
4) Can he even retire subsequent yr?
5) Ought to we be doing any Roth conversions? Or will that blow up our earnings an excessive amount of for ACA subsidies?
I type of suppose possibly #3 is the best choice? It can up the quantity now we have to pay for varsity although, however I am not making an attempt to sport the system right here. I feel now we have an excessive amount of in belongings for that anyway. I suppose we will use my husband’s Roth for extra school bills if we want them, however I would hate to try this in case we want a giant chunk of money for one thing vital.
I am undecided what steps we should always take subsequent and would respect any enter. Thanks!
