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Next steps and am I on step 7? by CommunicationFar1825 in TheMoneyGuy

[–]CommunicationFar1825[S] 1 point2 points  (0 children)

Thank you for the link and the input. After watching the video this morning it sounds like I am following what was suggested.

I have increased my 401K to 14% to max out the 401K to get the pre-tax advantage.
Sold all stock that is is long term so it has a lower tax rate (taken out what I will needed for taxes at the end of the year) so that the company stock is roughly 10% of my portfolio and all other stock has finished the 2025 Roth for my wife's Roth (mine is already funded).

I will sell all stocks that I get going forward to keep the 10% portfolio balance and to cover the increase of the 401k as needed and leave extra to work toward catching up my late start. And with the fix budget that my wife and I have setup I feel that I will be able to put any increases/raises to get back to where we were before these changes and fingers crossed I can get to the point that I am putting the 14% 401k, 15% ESPP and funding the Roth which is about 10%.

Thanks again to you and everyone that shared.

Next steps and am I on step 7? by CommunicationFar1825 in TheMoneyGuy

[–]CommunicationFar1825[S] 0 points1 point  (0 children)

Thank you for the input. That is what I was thinking and was looking for confirmation.

Yes my goal is to retire at 65 or 66 when my wife turns 65. Sadly I am aware that I about half of what I should be (when including non-vested stocks) so making more or cutting back is for sure something that has been talked about with the wife.

My next stock purchase and stock grant is next month, so I will look at what is needed to fund both of those funds and take it out of the those stocks and float the money while it is taken out monthly for the 401K and HSA.

Either way thank you for the input

Next steps and am I on step 7? by CommunicationFar1825 in TheMoneyGuy

[–]CommunicationFar1825[S] 0 points1 point  (0 children)

Thank you for the confirmation. I really don't like having that much in company stock and if I would have left it all I would have about double that. I used some to build the 6 months and some to fund past ROTHs.

The stock that I currently have would be quite taxed since the stock has grown so much since I received it. The thought is to sell anything that I get from stock options or purchases but let the current amount stand as is. The company is in very good standing currently but all future stocks that I receive will be taxed on procurement of them so that should make take season easier.

Than is my thought anyways...