Background:
We, a 47M and a 44F, along with our teenage child, are not part of the typical millionaire club. We reside in the MCOL, having immigrated in our mid-20s. We attended school here and held research positions that did not offer substantial pay. Due to visa issues, we spent approximately 10 years in the same position.
Currently, I have secured a full-time position as a community college professor, while my husband works part-time. Our HHI is $220,000.
Our current financial status includes:
- A paid-off house valued at $600,000 according to Zillow.
- Two evs, with one paid off and the other being on a lease for $500.
- No 401(k) account.
- Just started a 403(b) account with a contribution of $5,000.
- A combined Roth IRA balance of approximately $60,000.
- Taxable investment assets amounting to $400,000.
- Cash in an HSA amounting to $30,000.
- Another retirement fund from our research position, valued at $30,000.
- We anticipate receiving retirement benefits and similar pay, adjusted for inflation, due to my current position. We Save about 40 percent and have been putting into our Investment Account more consistently from last 2 years
I have been lurking here for sometime, I want to know how we are doing . We are not in a hurry to RE. Since we get summers off, we travel and our life is content . Job is not miserable .
I feel so behind and also little confused weather to open 529 for our child.
PS Used Ai to spellcheck and English not my first language.