Need retirement help.

[zakity]

DH has his 401K through work set up this way:

Artisan Mid Cap Fun - 11%
Growth Fund of American - 20%
PIMCO Total Return - 15%
Neuberger & Berman Genesis Tst - 19%
Putnam Asset Allocation Growth - 13%
Putnam S&P 500 Index Fund - 12%
Putnam Stable Value Fund - 10%


Is this a good mix?

I know nothing about any of this. I only know what I have learned from you all. I know that he is more clueless than I am with all this.


Oh, info you might need:

I am 40, he is 41.
We don't have a set date for retirement, but I am thinking maybe 65.
The 401k amount is $90,891.78.

I don't know how much we put into the 401k, but I do know there is an employer match thing. I do know that it isn't enough, but we have three boys that we are homeschooling right now. In about five years, I plan on getting a job. That might happen sooner if we can get the guys all in college a little early (hopefully with scholarships). We will dump as much of my income (hopefully like 90%) as we can into retirement to help us catch up.

Thanks for the help!

[jIM_Ohio]

There is a tool called Morningstar X-ray. Run the info you provided in that tool.

It will tell you % stocks and % bonds
and it will tell you % large, % small % growth, % value % domestic and % foreign

That tells you how the 401k in invested, which is 2-3 pieces of the puzzle.

Other pieces-

what are your current expenses?
do you see those expenses changing now, or in retirement?
what is retirement to you?

[zakity]

As for the budget, things are cut to the bone pretty much. Almost all electronics are on power strips and turned off every night. I make my own laundry detergent (for $10 a year!!). We have a front loader wash machine and we hang our clothes out to dry. We clean with vinegar and baking soda mainly. We drive older cars and DH fixes them when they break. I buy in bulk and cook everything from scratch. I am extremely frugal and I am always scouring everywhere for more frugal tips. We have to be frugal to make it on one income.

And, yeah, the expenses will change. I have three teen/tween boys (14 yr old is 5'11" and two 12 yr olds are about 5'4"). I am spending a small fortune on groceries and I am extremely frugal (try to keep it about $400ish a month for the food budget). Clothing three growing boys is another expense that will be gone. The house will be paid off in about 5 years (working on doing this before then, but don't always have the extra to put towards it). We do plan on helping them with college a little, but they are expected to pay for it on their own pretty much. The house will also be paid off in less than five years. We will have some of that money to put towards retirement also.

Retirement is no longer working at our full time jobs (well, his right now and whatever mine is when I can get one). I can see us having part time jobs after we retire from our full time jobs. We are looking at things that we could do after we retire that are more of "hobby jobs". DH might become certified to teach gun classes. As for my part time job, well, that depends on what field my full time job is and such. I do want to save up and try to do a tour of Europe after we retire (because there will be no time to do it before then).

I am just looking into retirement stuff now because I finally have time to think about it. When the boys were little, DH and I worked opposite shifts and tag teamed the care of the boys. Then, the boys took up a lot of time with homeschooling and helping them with their issues (ADHD, central processing disorder, dyslexia, OCD, sensory issues, and there are other issues in the mix also). The boys aren't taking as much of my time and I can think about something else besides how to help them.

[snafu]

Did you use an advisor to create your current 401K portfolio? Do you know the MERs [Management Expense Ratio] of your current holdings? These are costs you pay and make a significant difference on value of your holdings. Since you mention having some time, I suggest you read a couple of books to give you a basis for decision making. Wealthy Barber and Investing for Dummies are likely available at your library and are easy reads.

I'm delighted you are seeking to learn about investment as no one cares about your money as much as you do.

[zakity]

I have no clue how DH decided on that. He picked it when we were working opposite shifts and never saw each other. And, I have no clue what MERS is.

I will look up those books. Thanks! Yeah! I have somewhere to start.

[TheBudgetCoach]

Book Suggestion

"The Smartest Investment Book You'll Ever Read" by Daniel R. Solin. He writes a few others. One other that will apply to you is called "The Smartest Investment Book You'll Ever Read".

I read alot. You will not find a better book on the subject on investing for retirement. Period. Have a great day.