Congratulations!
Try not to let the financial impact of the leaves overly concern you. Enjoy the time with your child. If you permanently reduce your schedule, relook at your expenses to see if there are any easy cuts.
Looks like your gross income forfeited during leave is ~$50k which is ~$30k net after income and payroll taxes. Dip into your emergency fund and Taxable savings as needed to get you through this period. You may have some additional tax savings as a result of your child.
Re-evaluate the adequacy of your/spouse’s disability and life insurance. Be sure to understand the process to add your child to your healthcare insurance. Update your estate paperwork so your Wills name a guardian and trustee (and successors) got the care and inheritance of your minor child.
There are some redundancies in accounts that can be simplified:
1) His Taxable - ITOT, VTI, SPY - pick one to reinvest all dividends in
2) His Roth IRA - use either FZROX or VTI
3) can her SRP/SIP (not sure what these are) balances be rolled into her 403b?
4) Her Disney stock - if held in a transfer agent account or as a paper stock certificate, consider opening a Taxable brokerage account to deposit/transfer the shares to. It will be easier and cheaper to sell in the future if you ever want to.
Try not to let the financial impact of the leaves overly concern you. Enjoy the time with your child. If you permanently reduce your schedule, relook at your expenses to see if there are any easy cuts.
Looks like your gross income forfeited during leave is ~$50k which is ~$30k net after income and payroll taxes. Dip into your emergency fund and Taxable savings as needed to get you through this period. You may have some additional tax savings as a result of your child.
Re-evaluate the adequacy of your/spouse’s disability and life insurance. Be sure to understand the process to add your child to your healthcare insurance. Update your estate paperwork so your Wills name a guardian and trustee (and successors) got the care and inheritance of your minor child.
There are some redundancies in accounts that can be simplified:
1) His Taxable - ITOT, VTI, SPY - pick one to reinvest all dividends in
2) His Roth IRA - use either FZROX or VTI
3) can her SRP/SIP (not sure what these are) balances be rolled into her 403b?
4) Her Disney stock - if held in a transfer agent account or as a paper stock certificate, consider opening a Taxable brokerage account to deposit/transfer the shares to. It will be easier and cheaper to sell in the future if you ever want to.
Statistics: Posted by HomeStretch — Sat Dec 21, 2024 1:12 pm — Replies 1 — Views 77