I am starting to get worried about my financial situation, and the future. I'd really like to get some advice from you guys as to what to do.
Current situation:
Combined income wife and me - $92,000 My career is secure, hers is up in the air. It is possible that our income could take a hit down to about $75,000 a year for the foreseeable future. I am currently on her insurance, but if she loses her job we may have to buy it privately.
No kids, not having any.
We own one house outright in TN, but are going to be selling it this year.
Mortgage on our house in FL, just started, 30 year, at 5.5% for $109,000 and an interest only for $20,000 at 6.5% (we will pay this one off in full once the house in TN sells).
2 years left on a 0% interest car loan on wife's car. No loan on mine, though with 225k on it, it is due for replacement soon.
All our credit cards/minor loans/appliances/furniture is on 0%, and we never end up paying interest on these things. Current outlay for these is about $1000 a month to pay off.
$15,000 loan from parents to help with FL house, and I pay it back $1000 a month, but will pay in full when TN house sells.
Currently the wife puts 5% pre-tax into 401k, which is matched dollar for dollar. I don't get 401k at my job, but wife and I put $8000 a year ($666 a month - scary!) into Roth IRAs.
We have in retirement savings right now about $68,000, and she has $4500 in stocks from an old company that we have just let sit and gain. It is totally liquid.
After we sell our house and pay the interest-only second mortgage and the parents back, we'll have about $40,000 in cash. My savings account right now is earning 4%
Seeing as how I am maxed out on my IRAs, the wife is maxed on her 401k with regards to what is matched, I am trying to figure out what to do.
You see, we have no kids, so don't have to worry about college funds. We live pretty cheap (though we do spend a bit more than most people on food, booze, and toys). Don't drive expensive cars and keep them for the LONG haul. Most of our major home repairs are done, and don't know if we want to do much in renovations right now. I guess I am worried about the future - home insurance and taxes, auto insurance, utilities, food, gas, etc. We want to be able to retire by age 65 and still have a nice life. I'm worried that with only $60,000 in retirement savings right now, and both us being 39 years old, that we are behind the curve.
Most of our infvestments last year made around 6%-10% return.
Any advice would be greatly appreciated. I figure that once our obligations are paid off and all things we have on credit are paid, we'll have about $1000 a month to play with. I wonder if I should invest in individual stocks? I do NOT want to buy real estate and be a landlord - no way.