So do I fund my IRA and my wife's Roth or pay off debt?

how much debt?
interest rate(s)?
any other investments?
any emergency fund?

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no bullets?

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I as editing as u were typing.

You have 75k in cash and you are paying on a credit card?

I'd say its pretty obvious you should pay off all credit card debt immediately

I'd pay off the debt. Take what is left plus however much from your emergency fund needed to max out you and your wifes Roth. Unless there is some reason you need a $75k emergency fund such as an expected job lose or a kid/spouse that has a medical condition.

$75k is a pretty stout emergency fund for most people.

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i don't consider it cash--it's in life insurance.

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Cash value of a whole life policy?

I'd recomend term life insurance instead (much cheaper) and invest the difference.

I almost through in a caveat about age/health but didn't. You are right, at a certain point term is cost prohibitive and if you have whole life in place it can make sense to keep it.

All that being said, I'd pay off the debt then get aggresive about retire. Good luck.

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my age is making term not so attractive anymore. i have plenty of term plus the whole life policy (total death benefit about $1,000,000). i had other reasons at the time to go w/ the whole life policy.

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I will tell you if this policy is over 5 yo have it looked at. You could have cancer and your 2000 me rates would be lower than 1980 tables. A little exageration but not that far off. 2000 tables vs 1980 tables was about a 33% decrease in premium. Go somewhere get an inforce illustration I'd bet 100:1 you're over paying if you took it out pre 2003 as the 2000 tables became mandatory only last year.

pay off debt