Congratulations, your portfolio has grown to $800k from $210k per your post from 2-1/2 years ago!
Does your desired annual retirement spend of $100-$110k include income taxes? You should be using an annual spend $ that includes everything (living expenses, income taxes, healthcare, periodic expenses such as a car or new house roof) when evaluating the retirement readiness of your portfolio balance.
In addition to contributing $8k (rather than $6.5k) to your Roth IRA, you can also contribute $7-$8k (age dependent) for your spouse. It’s better to contribute those $ to the Roth IRAs than your Taxable account as the Roth accounts grow tax free.
Are you/spouse eligible for SS benefits? How much will that be at ages 62, 67 FRA and age 70?
Even if you cannot retire in 5 years, making a change to your business/employment as you noted is an option. Having some incoming income (rather than fully retiring) will help your portfolio.
Consider posting in the “Asking Portfolio Questions” format, linked below, if you would like feedback on your portfolio:
https://www.bogleheads.org/wiki/Asking_ ... _questions
Does your desired annual retirement spend of $100-$110k include income taxes? You should be using an annual spend $ that includes everything (living expenses, income taxes, healthcare, periodic expenses such as a car or new house roof) when evaluating the retirement readiness of your portfolio balance.
In addition to contributing $8k (rather than $6.5k) to your Roth IRA, you can also contribute $7-$8k (age dependent) for your spouse. It’s better to contribute those $ to the Roth IRAs than your Taxable account as the Roth accounts grow tax free.
Are you/spouse eligible for SS benefits? How much will that be at ages 62, 67 FRA and age 70?
Even if you cannot retire in 5 years, making a change to your business/employment as you noted is an option. Having some incoming income (rather than fully retiring) will help your portfolio.
Consider posting in the “Asking Portfolio Questions” format, linked below, if you would like feedback on your portfolio:
https://www.bogleheads.org/wiki/Asking_ ... _questions
Statistics: Posted by HomeStretch — Wed Feb 21, 2024 4:01 am — Replies 19 — Views 2208