We are in our first year out of fellowship 1/2 years toward partner in private practice ortho. Hoping to buy a house within the next two years in the 450-600k range. Income 450k currently but may increase after partner. 3 kids under 3 wife stays home
bills per month:
earnest loan 5800 for five years
rent 1800
utilities subscriptions etc 300
other spending 4k per month
Do I just need to replace about 14k of income? Or do we need to think about kids college-retirement investments etc and it is cheaper to get it now than in the future (what we assumed)? An increased mortgage soon once we buy our house? This is what we currently have and I feel we may be over insured based on what others have on here...
4 term life insurance plans (3 that we just added and one from residency):
15k per month with employer before tax (10400 after tax)
3mil 20 costs 1030 annually
1mil 30 costs 733 annually
another 1 mil 30 from residency 720 annually
two term disability plans (one from residency and one we just added):
12,500 after 90 days costs 360 per month
2,000 after 90 days costs 40 per month
bills per month:
earnest loan 5800 for five years
rent 1800
utilities subscriptions etc 300
other spending 4k per month
Do I just need to replace about 14k of income? Or do we need to think about kids college-retirement investments etc and it is cheaper to get it now than in the future (what we assumed)? An increased mortgage soon once we buy our house? This is what we currently have and I feel we may be over insured based on what others have on here...
4 term life insurance plans (3 that we just added and one from residency):
15k per month with employer before tax (10400 after tax)
3mil 20 costs 1030 annually
1mil 30 costs 733 annually
another 1 mil 30 from residency 720 annually
two term disability plans (one from residency and one we just added):
12,500 after 90 days costs 360 per month
2,000 after 90 days costs 40 per month
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