On Track to Retire with $5M at Age 60? Retirement Spitball

Описание: Question: (Alex) Hey gang, my name's Alex and my wife Jessica and I are both 35, and we're looking for a general spitball and some advice. So to get right into it, the household breakdowns are as follows. Household income is about $180,000 a year gross. We've got $30,000 in our daughter's 529, $26,000 in 401Ks, $100,000 in Roth IRA, $600,000 in brokerage account, comprised of total US market, world market, and S&P 500 tracking funds, and about $180,000 in cash. We both contribute 10% to our 401Ks and max out a Roth each year. I also invest about $500 a month into that brokerage account. Right now, we're also putting additional $1500 a month to the mortgage, which we owe $280,000 on, and with the current loan and plan, we will have a paid off in 10 years.

So I wanted to know if we're on track as far as retirement goes. We're hoping to have $5 million in retirement by age 60. And also, if we should divert that extra mortgage money to the brokerage account, knowing the power of the market and seeing how we could pay the house off, still potentially within that 10 years or before, we still have money left over from the growth while understanding the risk and tax implications involved.


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