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re: How much did you save for retirement in 2019?
Posted on 12/23/19 at 8:29 pm to TheWiz
Posted on 12/23/19 at 8:29 pm to TheWiz
quote:
another $25,000 aside for a large student loan payment.
We saved around $40k in 401ks combined, $6k Roth and $10k in savings/cd ladder.
I'm conflicted on how to handle student loans. We are currently paying about $1,200 extra a month on these damn loans, but I think we're going to quit paying extra when we payoff any variable rate loans and the total monthly payment is ~$1,000/mo. That would leave roughly 6 years of minimum payments and the money that was formerly going to loans being invested in our brokerage. I would like to invest the extra now, but I think the flexibility provided by reduced debt is more important for the short/mid term. Does anyone have any recs for balancing how much to throw at student loans/investing? This is for 6 figure student loans with solid income in a two income household.
2
Posted on 12/23/19 at 9:00 pm to Oenophile Brah
I’d just pay minimum on student loans if it were me and invest any extra cash. I didn’t have any loans to deal with but that’s what I would do in your situation. Just my 2 cents. I’d invest in s&p index funds. Unless for some reason your student loans are high interest. I can’t remember but you should get tax deduction for student loans correct?
Posted on 12/24/19 at 5:20 am to Oenophile Brah
We're in the same boat. We did a restructure with a bank here in New Orleans. This was all arranged before SoFi, Commonbond, etc... really became popular and available. It's structured like a ballloon note, so that's why I'm sticking away so much cash. We currently pay $2,510 a month for the loan. More than my freaking mortgage.
If we weren't doing something overly expensive, I.e. having a nanny, I would probably refinance and let them ride. I'm just ready for them to be GONE! That $30,000 back every year will be a significant boost to my after-tax investing opportunities.
If we weren't doing something overly expensive, I.e. having a nanny, I would probably refinance and let them ride. I'm just ready for them to be GONE! That $30,000 back every year will be a significant boost to my after-tax investing opportunities.
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