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Hello everyone!
I'm a newbie to this forum. I'm hoping some of you can offer my wife and I some advice and possibly steer us in the right direction. We are both in our early 30's with a combined household salary of $130k. We own a home and have no CC debt. The only debt we possess is home loan and 1 car loan which will be paid off next August (and daycare..if you count that!).
We both currently contribute to our 401k's...I contribute 11% and my wife contributes 6%...both of our employer 401k's match up to 5% of pay. We have a 529 plan opened with approx. $20k for our child already and plan to contribute $100/month to that account. We have about $20k in a savings fund earning about 3.5%...we have this as a "emergency fund". We also have about $30k in a Variable Annuity account that was set up with old 401k's about 3 years ago.
My question is this: We plan to allocate about $400/month to a retirement fund...are we better off with a traditional IRA or Roth....and should we scale back our 401k contribution to the company match and utilize left over funds in a retirement fund of some sort that has more options and lower costs??
I know this is a lot of information....any advice would be greatly appreciated...we understand this is the first step of many in the decision making process. Thanks in advance!
I'm a newbie to this forum. I'm hoping some of you can offer my wife and I some advice and possibly steer us in the right direction. We are both in our early 30's with a combined household salary of $130k. We own a home and have no CC debt. The only debt we possess is home loan and 1 car loan which will be paid off next August (and daycare..if you count that!).
We both currently contribute to our 401k's...I contribute 11% and my wife contributes 6%...both of our employer 401k's match up to 5% of pay. We have a 529 plan opened with approx. $20k for our child already and plan to contribute $100/month to that account. We have about $20k in a savings fund earning about 3.5%...we have this as a "emergency fund". We also have about $30k in a Variable Annuity account that was set up with old 401k's about 3 years ago.
My question is this: We plan to allocate about $400/month to a retirement fund...are we better off with a traditional IRA or Roth....and should we scale back our 401k contribution to the company match and utilize left over funds in a retirement fund of some sort that has more options and lower costs??
I know this is a lot of information....any advice would be greatly appreciated...we understand this is the first step of many in the decision making process. Thanks in advance!
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