WWYD with increase in pay ?
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Anonymous
| It is between paying the mortgage down sooner (barely made a dent in it so far) or having more withheld for retirement |
Anonymous
| We need more info. How much do you have saved? What's your interest rate on your mortgage? |
Anonymous
| And how much are you currently saving for retirement, what are your options - for example are you saving enough to get all matching contributions from your employer. |
Anonymous
| OP here. Yes, I'm currently saving enough to have it matched (6%). Interest rate on the house is low (FHA). |
Anonymous
| 401(k). For sure. |
Anonymous
| depends...do you have debt (credit cards, personal loans, etc (not including the house). I f so, I would put the money towards paying that off |
Anonymous
| Personally, I would pay off debt not related to my mortgage, ensure I have 6 to 12 months of expenses in my emergency fund (depends how secure your job is and if you are primary breadwinner), retirement and then mortgage. |
Anonymous
Only debt is mortgage and student loans. I do need to up my emergency expenses... |
Anonymous
| 401k. 6% isn't much at all. Max it out if you can. |
Anonymous
| Retirement assuming mortgage rate is locked |
Anonymous
| Yeah if mortgage rate is locked and you don't have (or can't get rid of) PMI, it should go to the retirement account for sure. |
Anonymous
| I would max out my retirement accounts and anything left over would go towards paying my mortgage down. |
Anonymous
|
1. Put $ aside for emergency fund. You should have 3-6 months. This hit us during the gov't shutdown and was a good awakening for us.
2. Retirement - are you saving elsewhere beyond the company match? Do you feel comfortable that the % you are saving will get you to where you need to be for retirement? 3. Mortgage - if you don't have a mortgage to pay - it helps during retirement 
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Anonymous
+1. If I were you, I'd max our 401K first and then look into opening up an IRA (Roth if your income allows) and maxing that out too. What about college savings, is that something you need to consider? |