{ "media_type": "text", "post_content": "Mid 40s, single parent w/a 10yo. Monthly expenses: $5k. Student loans $90k (I'm ok paying until I die if it allows me to save.) Will eventually get saddled w caring for parents. \n\n$7k emergency, $8k for kid fund. Leaving D. What to do w $30k in 401k & $15k pension?\n\nNew job =$160k base. I'll now be able to save all $2k child support - 529 or other investment vehicle? Would like to own a home but fuck ATX's overpriced real estate. How do I best position myself for retirement & kid for college?", "post_id": "62646920890055002d4693e5", "reply_count": 6, "vote_count": 6, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Mid 40s, single parent w/a 10yo. Monthly expenses: $5k. Student loans $90k (I'm ok paying until I die if it allows me to save.) Will eventually get saddled w caring for parents.

$7k emergency, $8k for kid fund. Leaving D. What to do w $30k in 401k & $15k pension?

New job =$160k base. I'll now be able to save all $2k child support - 529 or other investment vehicle? Would like to own a home but fuck ATX's overpriced real estate. How do I best position myself for retirement & kid for college?

likehelpful
Posting as :
works at
You are currently posting as works at

First bolster your emergency fund. Continue 401k at least up to company match. See if you transfer Deloitte 401k to your new company. Start 529, may be get state deduction from your state. Leave pension at D. Consider opening a brokerage acct to start investing into etf or mutual funds.

like

What are the student loan interest rates and are any of them private or all federal? at that income I am guessing you’re not able to get on an IDR plan or anything so I do think you want to factor this in and consider paying them off sooner rather than later, depending on the interest rates

You only have 3 years left to get PSLF??

Ok, you only have 45k saved for retirement? And you are mid 40s? I admit people on this bowl are overachievers, but you are not set for retirement on your own based on any calculator.

My advice: put the money toward retirement. Your kid will forget the fact that you paid for their college if they have to fully support you for 20 years because you ran out of money.

Also, it sounds like you are getting a significant pay bump. Your ex can easily reduce child support based on that, so don’t bank on 2k in savings. That would also adjust the % of daycare and extracurriculars you would pay, so your regular expenses will increase with more income (in addition to lower child support)

I live un a state where the custodial parent's income doesn't factor. Other parent has never met the child and can easily afford $2k/mo given they are a multimillionaire.

I have another retirement account from working in state govt for many years. If I withdraw those funds from the state's retirement plan, then I lose my my years of service, which Ineed to avoid. I need a total of 3 more years of state service until I qualify for public service loan forgiveness and state retirement benefits, which will include the pension and health insurance. The 401k and pension mentioned are what I've put away in the last few years. Very late to the consulting business and earning a 6 figure salary

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