What would you do in my situation?
Background
Questions
I apologize for the lack of brevity & appreciate your advice.
Background
- I'm a Physical Therapist (~$80k/year employee) that's married to a 3rd year EM resident.
- My wife starts her 1st job in Oct 2016 as an independent contractor with estimated gross income of ~350k/yr. Residency has been very difficult and she doesn't foresee herself doing EM for long. (FT for 2 years, PT after that)
Current Financial Situation
- Have a 3 month emergency fund
- $40k in savings for house down payment/potential car purchase
- $50k in employee retirement accounts (Roth IRA, 401k)
- $10k in HSA
- -$40k in student loan debt at 6.8%
- No life insurance, disability insurance, etc.
Goals:
- Protect our assets somehow
- Pay off student loan once we get her sign on bonus ($100k)
- Get a house ($150-$250k)
- Have kids in a couple years
- Minimize taxes & increase our 65% savings rate (currently 65% on $140k/yr combined gross income)
- My wife to cut back to part time or less when kids come around
Questions
- Recommendations for life insurance and disability policies given that I will work more than my wife...yet will make less money. Do I get the policies in her name, mine, or both?
- Solo 401k the way to go?
- Any other recommendations appreciated.
I apologize for the lack of brevity & appreciate your advice.
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