critique me please

[TarHeel2002]

39 y.o. married w/3 kids 8, 6 and 0

Small business owner / professional.

Income:
270-300k

Debts:
175k
Owner occupied professional building 15 year note 4.75% fixed $1616 monthly payment (12 years remain). Schedule E deduction. Cannot sell currently as I operate my business out of this space. Eventually hope to sell for around 210k or whatever the market will allow.

147k
Home mortgage 30 year note 3.125% fixed $750 monthly payment (22 years remain). No interest deduction possible. 310k value.

Assets:
35k Emergency Fund
25k New Car Fund
700k Retirement accounts (mix of 401(k), Roth IRA, HSA, and brokerage accounts)
97k 529 funds

Annual Savings rate:
75k retirement (401(k) x 2 + match, Roth IRA x 2, HSA, brokerage account).
18k 529

Business value?
Business may be possible to sell off 15-20 years down the road for 400-500k? I don't count on this but it's currently the norm.

We are taking several family vacations throughout the year - nothing too extravagant but fun for us. Generally all of our wants and needs are currently being met. I plan on working until 55 more than likely. I'm hoping to have a little over 3MM by then if the market / life cooperates. I am not currently planning on accelearting any debt repayment. I don't rule out working part time after 55 if I were to sell my business. It would probably be good for my head..and my marriage...lol. Thank you for any and all suggestions.

[FedLawyerandBaller]

You don’t seem to need much criticism. You’ve got a solid positive net worth at over 1MM at age 39, and are saving a boatload towards retirement and 529 plans. Congrats and stay the course and keep taking those vacations.

[Watty]

You are doing great.

One comment though is that I would look at paying extra on your house payment each month so the mortage would be paid off in ten years when you oldist kid will be ready to start college. In your likely tax bracket a risk free tax free 3.125% return is not too shabby and if you can get the house paid off by the time your kids are in college you could then use that freed up cash flow to pay for college expenses.

On the current schedule your mortage would be paid off at about the time your newborn will finish college which will be great but by then you would not have a lot of need for the extra cash flow then.

Paying down the 4.75% loan on your building is another possibility but it is deductible and I would suspect that it would be would be harder to get paid off in ten years but I didn't crunch the numbers.

[Stinky]

My goodness gracious, saving almost $100k per year on a $275-$300k per year income is just awesome. Savings rate is so important, and you've got that nailed.

You don't comment on how your retirement savings and 529 plans are invested. Since you're posting on this Forum, I expect that you're not using a financial advisor, and you're in low cost equity mutual funds with some bonds thrown in. If that's not the case, you could post your portfolio on this Forum to solicit feedback.

You make no comment about your life insurance. With three kiddos in the house, I hope that you have a sizable amount of term life insurance on yourself, and also some on DW. Once again, if you want advice on life insurance, post back.

Congratulations on your savings rate. If you continue to keep expenses well below income, you'll do well.