Is this bowl already dead? Assuming that most in this bowl, if not all, are onsite. There are so many situations which are unique to us. For example, no 401k and no PF contribution at the same time, bonus in INR even though our expenses are in USD, and so much more...
Am I the only one who's thinking that Deloitte's policies for landed resources could do with an overhaul?
D4- GTFO
D4, she doesn't work because of my daughter medical condition.
Nice bonus
18k
I don't understand the premise of your question, but it's generally best to max out 401k contributions every year ($18k currently).
Try to contribute just enough that it keeps you in the 15% tax bracket
Also D4, a 125k household income is really solid in the grand scheme of things. Firmly middle/upper middle class even with one member not working. Significantly more than double the median household income for the entire US
@D5. @125k single income is pretty good at the SC level. However, for household, it should at least be around @200k. Nowadays, fresh out of undergrad kids are getting 65-70k offers at Big4. Accenture is giving 78+ 10k signing for Computer Science majors. Medical reason aside (like in OP's case) there should be no reason to be content with $125k household. We're management consultants, not artists.
Invest in crytpo instead for the future of your kids
You should max out your 401k
Max out every year. Would also recommend putting some of your bonus into 529s for the kids.
I apologize for my aforementioned comment. Best of luck to your situation.
Depends on location...125 in NYC with 2 kids is next to impossible to survive I think but might work good in say Dallas
I am from Chicago.
Does your wife also work? There's a lot of variables we don't know like current debt situation, daycare costs if any, etc
No, she doesn't work.
What is your location OP?
Also OP choose and monitor the funds in 401k closely, looks like your pretty new to it
Secure your family finances first, then reduce tax burden with 401k. Factor how much you can afford though.
Determine what you can afford to save OP, but at minimum do the required matching amount