Bill (Caller)
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I have two questions that might be related, but because I'm a little older, we're maxing out my 401k.
Should we keep doing that or do step six, kind of as written?
And how much should we put toward college savings?
Right now, about 25% of gross salary.
I'll be 50 next month.
Oh, you're ancient.
Total retirement is $173,000, thereabouts.
that would give me an extra $1,500 a month.
How old are the kids?
Well, they're kind of a little spread out.
I've got a 17-year-old and a 9-year-old.
So I've got a junior who's coming up to college and then a 9-year-old that's got some time.
We do have about $35,000 aside for him.
Yeah.
Okay, so to keep it short, I am 28.
I'm a software developer with a household income of about $5,000 a month.
My wife is 25 and is a full-time grad student.
We are on baby step three, so we're completely debt-free.
However, we are currently cash-flowing my wife's final year of grad school, so we don't have that much saved.
Here's my question.