Reply to $600K-$800K HHI

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Reply to "$600K-$800K HHI"

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[quote=Anonymous]We have had an HHI in that range for the last 10 years or so. Now we are both 54 with a net worth of about $5.5 million. Two kids in college, mostly covered by 529, but we will need to cash flow about $80,000 of college for one year.

We take 2-3 big vacations a year and then various weekend trips. Cost depends on the trip and how many of us go. But easily $15,000 in a week long trip. For example, we rented a beach house a week that totals about $10,000. Other family will come but we pick up the rental. For other trips, easily $800 per person for flights, then hotels in the $500 to $1000 range.

My biggest recommendation is to think through your approach to paying for college. Our approach was that we would pay for any school they pick (within reason, but this wasn’t a problem) without considering price or merit awards. They both picked very good but very expensive schools. They both had other good options that were much cheaper but we didn’t push them to pick cheaper. We wanted to provide them this choice. But, a different approach would have resulted in them picking schools that would have been hundreds of thousands of dollars cheaper. It is good to communicate your approach to kids well before they start the college search.

Also, do the back door Roth and build your taxable investment account for retirement (not just 401k). [/quote]

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