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Reply to "Anyone at $330K HHI have a mortgage that is $4900/month (37% of net pay / 17% of gross)?"
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[quote=Anonymous]Your DH won't get 1% of salary for each year, he'll get 1% of his high-3 yrs under current law. I guarantee you that the federal retirement system will be changed to the detriment of future retirees before he retires so you should discount any prediction of his retirement benefit accordingly. At a minimum they'll likely go to a high-5 formula and in the longer term who knows, it's now highly popular to try to balance the budget on the back of Feds, as unseemly as that is. I haven't done all the math but with the college paid for by parents & a decent amount in retirement that's good. You have WAY too little nonretirement savings, though, woefully so. If your HHI is $330K/yr., you should have at least $60-100k (6 months takehome pay) saved as an emergency fund. If you're not there yet, then I wouldn't go taking on a massive mortgage when you have no liquid non-retirement savings to fall back on.[/quote]
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