Hello everyone! Investing is still confusing to me but I am slowly learning. Myself and my wife are both 31. We both said back when we were like 24 that we wanted to retire by 55. We started investing at 24 with Northwestern Mutual (I know now they suck). We originally both opened a Roth IRA and then a few years later opened a joint taxable brokerage account. Our advisor really pitched contributing to our joint account heavily if we wanted to retire at 55. I fear we got bad advice. We also both have a 401k. I now have learned about capital gains and how taxes in those accounts can be costly.
What we are currently doing is $400 a month to my Roth, $250 to my wife’s Roth, $500 a month to our joint account, and both contribute 6% to our 401k and we get 5% match. My Roth currently sits at $30k, my wife’s at 13k, joint account at $13k.
My question is should I decrease our monthly taxable contributions and increase my wife’s Roth? Increase our 401k? We still want to retire early but also want to be the most tax efficient. I’m just not sure how exactly to go about this.
We did recently move our accounts out of NWM to Fidelity and our current allocation for the joint account is: ITOT, IXUS, and VTEB. I looked into this and saw these are tax efficient.
I appreciate any advice as I’m still swimming with all I need to learn!