I'm playing catch-up with my retirement savings so that's been my focus over the past year. Right now, I have 100k in my 401k and I'm contributing the max pretax plus employer match. I have my aftertax set to take all of my bonuses plus 5% of my salary so I think it'll come out around the max total contribution.
Other than that, I have 10k in an investment account for liquid savings and 100k in home equity.
My only debt other than student loans is a 12k car I financed for my son (4.99%), 15k solar loan (4%), 8k tax debt from 2017 that I'm making $140/mo payments on, a new 3.4K tax debt from 2018 that I want to pay off ASAP to avoid all the fees, a 2k Peloton (0% interest), and 8k debt to my law school that's 0% interest and I pay $150/mo on.
I make 180k with bonuses around 20-30% annually and stock grants of 50-60k per year. My plan was initially to use the stock solely for investments earmarked for retirement so in 4 years I'd have 200k+ in that account. However, now I'm thinking it might be best to pay off the IRS and my son's car with the first 25k stock grant this month, freeing up around $450 per mo that I could then invest while eliminating those higher interest debts.
Thoughts? My only concern is that I'm trying to hit 500k saved in the next 4 years so I'll feel better about retirement. I'm 42, if that matters.
Congrats on your success