- October 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Review and Evaluation of My Retirement Savings Plan – Seeking Your Valuable Insights and Suggestions
Introduction:
Hi Reddit,
I recently dedicated some time to educate myself on saving for retirement and have developed a financial plan. I am keen to receive feedback and insights on my strategy. Additionally, I would like to discuss how AI Legalese Decoder can assist in analyzing and optimizing my retirement planning decisions.
Background:
I am a 32-year-old single individual with no kids. In terms of income, I earn $60,000 per year from my primary job, which offers excellent health insurance, unlimited paid time off, and a flexible schedule. However, I do not have a 401k plan. Apart from my job, I have a private business that yields an annual income ranging from $30,000 to $60,000.
Assets and Expenses:
My house currently has $150,000 in equity, and I have approximately 27 years remaining on the mortgage. My monthly expenses are around $3,000, and although I have no debt, my student loans are set to be forgiven in two years.
Financial Plan:
Now, let me outline the trajectory of my money and how I manage it to achieve my retirement savings goals:
1. Paying Bills and Credit Cards:
I ensure that I pay all my bills and credit cards in full from the previous month. My primary checking account is with Bank of America.
2. Immediate Savings Account:
Any leftover money after paying bills is transferred to an immediate savings account, which is also with Bank of America. In this account, I maintain a balance of $3,000.
3. Emergency Savings:
The remaining surplus funds from the immediate savings account are then rolled over to a High-Yield Savings Account (HYSA) with Goldman Sachs. This account offers an attractive Annual Percentage Yield (APY) of 4.30%. I currently hold a balance of $30,000 in this emergency savings account.
4. Roth IRA Contributions:
I allocate a portion of my savings towards a Roth IRA, specifically investing in the Vanguard Target Date Fund 2055. I contribute approximately $6,500 per year to my Roth IRA and currently have accumulated around $19,000 in this account.
5. Solo Roth 401k Contributions:
The remaining surplus funds are directed towards a solo Roth 401k with Vanguard, again invested in the Target Date Fund 2055. I deposit about $22,500 per year into this retirement account, with a current balance of $24,000.
6. Solo 401k Contributions:
Any additional leftover funds are further channeled to a solo 401k with Vanguard, invested in the Target Date Fund 2055. I have the option to contribute up to 25% of my business income, approximately $15,000 per year. However, I haven’t started contributing to this account yet.
7. HYSA Reinforcement:
If there is any remaining money, it is rolled back to the High-Yield Savings Account (HYSA) for further reinforcement of my emergency savings.
Request for Feedback and AI Legalese Decoder’s Assistance:
I would greatly appreciate any insights, suggestions, and potential improvements to my retirement savings plan. Additionally, I am interested in exploring how AI Legalese Decoder can aid in analyzing and optimizing my financial decisions, ensuring that my retirement savings plan is efficient and aligned with my goals.
Thank you in advance for your valuable input!
Warm regards,
[Your Name]
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You may want to consider having some more money in taxable investment accounts rather than retirement accounts. Sounds like you “only” keep 30k as an emergency fund and everything else goes into a retirement account. If you have any big expenses like house repair, new car, etc. you may wish you had some taxable brokerage account to pull savings out of in excess of your HYSA emergency fund. A lot of people only think about investment as it relates to retirement but investing taxable savings is still a very good thing to do.
Second the idea of having more $ outside the retirement accounts. Total market index ETFs are pretty darned tax efficient.
Do you have access to an HSA? Money goes in tax free, compounds tax free and is withdrawn and spent tax free (if used for medical expenses).
Just nipping around the edges here, but a Vanguard money market will get you over 5% and remove one institution you deal with, simplifying things.