We have 25 years until retirement and are saving 25% of our income — are we doing it right? And are we saving too much?
My wife, 33, and I, 40, have our own 403s, Roth accounts and pensions as part of our retirement plan.
We are 25 years from retirement. We have a combined family savings rate of 25% for retirement. We are saving for our children’s college expenses, but that is more than a decade away. We are planning to transition their college savings to our 403 plans once they finish college. You mention two important retirement planning issues. The first: The right way to diversify the taxability of retirement assets. The second: What amount of savings is too much for retirement. I’m going to start with the first before tackling the second.
Taxable brokerage accounts do play a role in retirement planning, even if they may not seem like it because they don’t have some of the other perks of employer-sponsored retirement accounts. When tax-efficient, which is based on the asset allocation , they allow investors to save more money for the future.
Check out MarketWatch’s column “Retirement Hacks” for actionable pieces of advice for your own retirement savings journey Of course, you make great points about the other accounts that you have so you might want to hold off on putting any money into a taxable brokerage account unless you have more to spare toward your savings – and that’s after maxing out the plans you already do have. And you do have to be careful – unlike 403 plans, the menu of investment choices is significantly longer, which can be overwhelming.
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