I'm sure I'm going to use all kinds of incorrect terminology, so forgive me in advance.
My husband has no retirement plan options at work, although he is the "breadwinner" of the family. We fully fund a Roth for him, and he rolled over some money from a prior job into a traditional IRA.
I work for a public university. When I started, I was given the choice between a pension or investment plan. I chose investment. My employer contributes 6%, I contribute 3% with pre-tax dollars. I don't have the option of contributing more to that plan. So in addition to that, we fully fund a Roth for me. Which leads to my first question: are we allowed to fully fund a Roth for me given my retirement plan at work (this would be our first year fully funding it)?
We didn't think we were saving enough, and we thought our only other option was a taxable account. So we opened one this year.
But after finding this forum and doing more research, I learned I do have some additional options at work: 403(b) tax sheltered annuity (no idea what that is!) or 457 deferred compensation plan.
Should we invest there instead of the taxable account? I feel like our retirement plans will become very lopsided between my husband and I.
Edited to add more details:
Emergency Fund: 6 months
Sinking Fund: 15K
Debt: 187K mortgage (3.625%)
Tax Filing Status: Married Filing Jointly
Tax Rate: 25% Federal
Age: Me 33, Him 35
Desired Asset Allocation: Not sure
Desired International Allocation: Also not sure. Maybe 25%
Current Retirement Assets:
His Roth: 11K (21% TWCGX, 10% AVEGX, 10% BIAGX, 23% GABSX, 8% HFCSX, 16% OAKIX)
His Traditional: 13K (22% AVEDX, 20% AVEWX, 16% BUFTX, 40% SWDRX)
Her Roth: 10K (23% AVESX, 21% AVEDX, 23% AVEWX, 21% AQEGX, 10% OAKIX)
Her Traditional: 11K in mutual funds (10% AVEFX, 44% AVEGX, 10% AVEDX, 26% AVEWX, 10% BIAGX)
Her Work Retirement Account: 26K - No tickers available on these
FRS Select High Yield Fund 20% (Total Expense Ratio .46%) - this is a bond fund
Fidelity Growth Company 20% (Total Expense Ratio .90%)
Prudential Mid-Cap Quantitative Core Equity Fund 20% (Total Expense Ratio .35%)
T. Rowe Price Small Cap Stock Fund 20% (Total Expense Ratio .92%)
American Funds New Perspective Fund (Total Expense Ratio .80%)
Other Funds Availabe to Choose From: FRS Select Yield Plus Money Market Fund, FRS Select U.S. Treasury Inflation Protected Securities Index Fund, FRS Select U.S. Bond Enhanced Index Fund, PIMCO Total Return, Pyramis Intermediate Duration Pool, FRS Select Foreign Stock Index Fund, American Funds Euro-Pacific Growth Fund, FRS Select U.S. Stock Market Index Fund, FRS Select US Large Value Stock Active Fund, Fidelity Growth Company Fund, Fidelity Low-Price Stock Fund, American Beacon Small Cap Value Fund
Taxable Account: 3K (100% AVEGX)
I'll have to do a little more research on what is available in the 403(b) and 457 plans. Yes, you will notice some of our funds are SRI. Not really looking for a debate on that. I am doing some soul searching to figure out if I am comfortable investing in index funds as well in my IRAs. But I will always do at least some SRI. My husband does not feel as strongly about it as I do.
Last edited by LittleFish
on Sat Jun 29, 2013 9:39 am, edited 3 times in total.