My wife (37) and I (38) make combined $225,000 annually. I went back to school and did public service loan forgiveness, was making a lot less until almost three years ago. She has two years left on her student loans at $1500/month. We have one car payment at $590/month, 3% over 48 months that will be paid off at the same time as her student loans. Our mortgage is $1400/month at 3.25% with less than 16 years left. We have no other debt. We have no children.
As for retirement, I got a late start because of my income, but have been trying to make up for it. I make around $90,000 annually and have 29% going to two different employer tax advantage accounts, a 401K and a 457B. I also have 6% automatically going towards my pension, which will amount to a minimum of almost $700 monthly in retirement once I’m vested (almost there), and more the longer I am there. Additionally I max out my HSA and we use that for medical bills.
My wife doesn’t have an employer retirement plan anymore, so she is just contributing to an IRA, maxing that out.
We have three different investment accounts between us, amounting to about $540,000 currently. We have about $20,000 in savings. We paid 215,000 for our home in 2014, and it is valued around $550,000 now.
We try to live a life of balance, not afraid to go on trips and eat out periodically, but we aren’t excessively frugal. Are we on track? I see so many posts of people doing so much better, but this is the hand we were dealt. We’ve worked hard to get here, both lost parents young, and won’t get any type of inheritance. We met with a fiduciary/financial planner yesterday, and he says we are good, but I’d still like to hear what others think. Apologies if I missed anything. Feel free to ask me any questions. We will likely be in a position to contribute more in the near future.
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