Please Help Evaluate Our Financial Position... Do I need to get a job?
Hi! I'm 39 years old and I got laid off from my employer of 12 years. I live with my husband (39) and two young kids (4 and 6). This is our current balance sheet:
**Assets**
Combined 401k: $2M
Taxable Brokerage: $350K
HYSA: $200K
HSA: $9K
Kids’ college savings (529s): $32K
Estimated home value: $750K
2 paid off cars and a boat
**Liabilities**
Mortgage: $450K (6.1%)
I was making gross income of about $168K before I got laid off. My husband makes $235K. Obviously, losing my income is a big hit, but I'm having trouble finding another job. I'm considering just embracing the SAHM role so I can do school bus duty, volunteer for the PTA, stay home when one is sick, etc.
At the moment, we spend just about all of my husband’s take home pay of roughly $11k/month (and sometimes more) on our mortgage/utilities/food/kid extracurriculars/travel/etc. The take home pay seems low because he maxes out his 401k and HSA and also contributes to a dependent care FSA.
My question is... if my husband continues to max out his 401k and HSA, will we be okay just living paycheck to paycheck on his income alone considering the amount we have saved? It makes me uncomfortable not to be adding any more to cash savings or brokerage right now. I’m also nervous about not being able to reenter the workforce if I take a few years off. Thoughts? Anyone else in a single income household with a budget this tight?