Reply to What should I do with my 6% raise?

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[quote=Anonymous][quote=Anonymous]Here are our main details, I'm trying to decide how to use my 6% raise (and in general any extra money we have each month).

Ages: Early/mid 40s
Kids: Ages 8 and 4, both in public school
HHI: $260k
Mortgage: $3600  (plus a mortgage on a condo, offset by rental income with a small profit)
Joint 401k/IRA: $650k
College Savings: $35k
Emergency Savings: $25k
Debt: No credit card or student loans, $330/month car payment (1 year from paid off)

I know that we are low in college savings so I want to build that up, but we will soon get a small inheritance ($100k) that we will put towards college, and are also thinking of our condo as a back-up plan (it has already doubled in value and we can sell it anytime for a hefty profit even with capital gains).

For my 401k my employer puts in 5% and I currently put in 5%.

We have around $35k in home improvements we'd like to make.

Should I increase my monthly 401k contributions more?  Jack up the monthly college savings?  Focus on the home improvements first?
[/quote]

Are you a one or 2 income household? For us, maxing out 401k is non-negotiable.  We contribute 36k each, plus our employers match. We are 10yrs younger and are nearly double your retirement. To me, Yiur retirement is very slim for your age/income.[/quote]

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