Hi Folks,
Appreciate the community and help everyone provides here.
This time it is not just a portfolio check but also as I got laid off from work, need some extra help in navigating the next steps.
A bit background: immigrant here in states, now permanent resident(not yet citizen if it matters).
Moved to states around 6 yrs ago, found this community almost 4 yrs ago and trying my best to stay the course and I can definitely see the results.
I've added %(approx) for each holding and overall portfolio. Goal for this post is to be aware of anything from investment perspective I need to do or not do based on the latest event or if I am missing something within my portfolio.
Emergency funds: Six months of expenses in HYSA(earning 4.5% APY)
Debt: Mortgage: $270,000 at 4% apr remaining 28yrs. Credit Card: $4,000 revolving(always pay in full), Auto Loan: $27,383 at 0% remaining 4 years.
Tax Filing Status: Married Filing Jointly
Tax Rate: 24% Federal, 4.5% State
State of Residence: NC
Age: 37/35
Desired Asset allocation: 100% stocks / 0% bonds
Desired International allocation: 20-30% of stocks
Size of your total portfolio: ~$900,000
Current retirement assets
Taxable
At Fidelity
(0.5%) IShares Core MSCI Emerging Markets ETF(IEMG) (0.09%) [Current Value: $4,245]
(3%) Schwab International Equity ETF(SCHF) (0.06%) [Current Value: $29,592]
(3%) Vanguard FTSE Developed Markets Index Fund(VEA) (0.06%) [Current Value: $6723]
(46%) Vanguard Total Stock Market Index Fund ETF(VTI)(0.03%) [Current Value: $ 413,000]
(3%) Vanguard Extended Market Index Fund ETF(VXF) (0.06%) [Current value: $30,898]
(3%) Apple & Microsoft Stock [Current Value: $30,000]
(3.5%) Cash [Separate HYSA: 4.5% apr(not included in Emergency Savings $35,000]
His 401k
(25%) Fidelity 500 Index Fund(FXAIX) [Current Value: $225,142] [ER: 0.02%] Company Match 50% up to 6%
(5.5%) Fidelity International Index Fund(FSPSX) [Current Value: $48,600] [ER: 0.04%]
His Roth IRA
(2.4%) Fidelity Zero Total Market Index (FZROX)[Current Value: $23,305] [ER: 0.0%]
Fidelity 500 Index Fund(FXAIX) [Current Value: $1,260] [ER: 0.02%]
His HSA
(3.5%) Apart from $1000 in cash at HSA Bank, have $35,000 invested in Schwab US Broad Market ETF(SCHB) [ER: 0.03%]
Her 401k
(1.5%) Vanguard Institutional 500 Index Trust [ER: 0.01%] (Current Value: $12,000) No Employer match for year 1.
Questions:
1. I got the news yesterday that my position has been eliminated. I will be non-working employee and will get severance for 2 months(around Dec 15th). This also means I'll have insurance till end of December. So, no more 401k contribution from my end. Anything specific I need to do due to being unemployed?
2. I am planning to start my own business using this event as an opportunity that I always wanted to do. This will be new territory for me. This also means there won't be any 401k. I have heard about Solo 401k, is that something I can do? Do I need an income to contribute for that?
3. Will be switching to my spouse's insurance, which is a bit expensive than my previous employer. It should kick in Jan 2025. Any thing specific to this that I need to take care? Have opted to their HSA and will be maxing that out.
4. Have two kids 9 and 2. No 529. Was planning to use taxable account for this based on my research. Any feedback here?
5. I was contributing $250 extra each month to mortgage but have stopped that for now.
6. Anything else that I need to be aware of or should do now? Either from tax perspective or any other?
thank you
Appreciate the community and help everyone provides here.
This time it is not just a portfolio check but also as I got laid off from work, need some extra help in navigating the next steps.
A bit background: immigrant here in states, now permanent resident(not yet citizen if it matters).
Moved to states around 6 yrs ago, found this community almost 4 yrs ago and trying my best to stay the course and I can definitely see the results.
I've added %(approx) for each holding and overall portfolio. Goal for this post is to be aware of anything from investment perspective I need to do or not do based on the latest event or if I am missing something within my portfolio.
Emergency funds: Six months of expenses in HYSA(earning 4.5% APY)
Debt: Mortgage: $270,000 at 4% apr remaining 28yrs. Credit Card: $4,000 revolving(always pay in full), Auto Loan: $27,383 at 0% remaining 4 years.
Tax Filing Status: Married Filing Jointly
Tax Rate: 24% Federal, 4.5% State
State of Residence: NC
Age: 37/35
Desired Asset allocation: 100% stocks / 0% bonds
Desired International allocation: 20-30% of stocks
Size of your total portfolio: ~$900,000
Current retirement assets
Taxable
At Fidelity
(0.5%) IShares Core MSCI Emerging Markets ETF(IEMG) (0.09%) [Current Value: $4,245]
(3%) Schwab International Equity ETF(SCHF) (0.06%) [Current Value: $29,592]
(3%) Vanguard FTSE Developed Markets Index Fund(VEA) (0.06%) [Current Value: $6723]
(46%) Vanguard Total Stock Market Index Fund ETF(VTI)(0.03%) [Current Value: $ 413,000]
(3%) Vanguard Extended Market Index Fund ETF(VXF) (0.06%) [Current value: $30,898]
(3%) Apple & Microsoft Stock [Current Value: $30,000]
(3.5%) Cash [Separate HYSA: 4.5% apr(not included in Emergency Savings $35,000]
His 401k
(25%) Fidelity 500 Index Fund(FXAIX) [Current Value: $225,142] [ER: 0.02%] Company Match 50% up to 6%
(5.5%) Fidelity International Index Fund(FSPSX) [Current Value: $48,600] [ER: 0.04%]
His Roth IRA
(2.4%) Fidelity Zero Total Market Index (FZROX)[Current Value: $23,305] [ER: 0.0%]
Fidelity 500 Index Fund(FXAIX) [Current Value: $1,260] [ER: 0.02%]
His HSA
(3.5%) Apart from $1000 in cash at HSA Bank, have $35,000 invested in Schwab US Broad Market ETF(SCHB) [ER: 0.03%]
Her 401k
(1.5%) Vanguard Institutional 500 Index Trust [ER: 0.01%] (Current Value: $12,000) No Employer match for year 1.
Questions:
1. I got the news yesterday that my position has been eliminated. I will be non-working employee and will get severance for 2 months(around Dec 15th). This also means I'll have insurance till end of December. So, no more 401k contribution from my end. Anything specific I need to do due to being unemployed?
2. I am planning to start my own business using this event as an opportunity that I always wanted to do. This will be new territory for me. This also means there won't be any 401k. I have heard about Solo 401k, is that something I can do? Do I need an income to contribute for that?
3. Will be switching to my spouse's insurance, which is a bit expensive than my previous employer. It should kick in Jan 2025. Any thing specific to this that I need to take care? Have opted to their HSA and will be maxing that out.
4. Have two kids 9 and 2. No 529. Was planning to use taxable account for this based on my research. Any feedback here?
5. I was contributing $250 extra each month to mortgage but have stopped that for now.
6. Anything else that I need to be aware of or should do now? Either from tax perspective or any other?
thank you
Statistics: Posted by surfer05 — Thu Oct 17, 2024 10:28 pm — Replies 0 — Views 28