Unlocking the Mystery of Retirement Planning: AI Legalese Decoder Helps Navigate the 401(k), Roth IRA, and HSA Decision
- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Investment Planning advice and AI Legalese Decoder
## Current Financial Situation
First time poster seeking advice on investment planning. My wife (39F) and I (39m) are both employed, making a combined income of 190-200k per year. We own a home valued at 450k in a moderately priced area, with a net worth close to 1 million. Our investments include 401ks, roths, and a post-tax brokerage account. In addition, we contribute to our children’s 529s and custodial/roths. We have recently paid off our mortgage and are now debt-free, focusing on balancing our current expenses with future financial planning.
## Future Financial Goals
We anticipate salary increases in the next few years and are exploring investment opportunities to maximize our wealth. By applying the coast fire formula, we aim to achieve financial independence by age 55, with a target retirement income of 120-130k per year. We understand the importance of long-term financial planning and seek advice on the best strategies to achieve our retirement goals.
## Tax-Efficient Investment Strategies
Given our current 24% tax bracket, we are considering the optimal allocation of funds between roths and pretax 401ks. While my employer offers a 3% match, my wife’s work contributes to her Roth account. We are also interested in maximizing the benefits of an HSA, using post-tax dollars to build a retirement fund or emergency medical cushion. Balancing our investments between 401ks, roths, and HSAs, we aim to allocate approximately 1k per month to our HSA while maintaining our current investment levels.
## AI Legalese Decoder Assistance
The AI Legalese Decoder can assist us in navigating the complex legal language surrounding investment planning, tax implications, and retirement strategies. By analyzing our financial data and providing personalized recommendations, we can make informed decisions to optimize our wealth management. As a regular Dad striving for financial security for our family, we rely on the AI Legalese Decoder to streamline the investment process and help us achieve our long-term financial goals.
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All matches of course then Roth IRAs (that 24% goes to 28% in 2026 if the tax bill is not extended and while your are under phase out limits.) 529 is good. That leaves 401k vs HSA. Average current retiree needs about 300k 65-end of life after it’s all said and done. 55-65 before Medicare kicks and not insured through employment could be pricey. Even though you can’t use the money for premiums it could help in the long run in the middle ground. Maxing HSA ($8.3k current limit) could get you to around 200k or so at 55. That’s a good cushion. Best case you use the receipt option in retirement for withdrawals. Worst option. Medical emergency and it takes a tax free hit but keeps Murphy out of your primary accounts for income. Seams like 55 is pretty lean fire even for a medium COL area, but with raises and kids being potentially out of the house expenses will drop. You’re on a great path. I don’t think there is a wrong decision between the account types. Just make sure the brokerage option is high enough to support your lifestyle from 55-59.5.