Reply to All you rich folks - looks like I'm (almost) one of you. What should we do?

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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"

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[quote=Anonymous][quote=Anonymous]Assuming you've refi'd recently and have a nice low mortgage interest rate, I'd lean to investing over paying off the mortgage (especially if you might want to move somewhere a little bigger).

The big gap in your finances seems to be your retirement savings. $120k in your late 30s is on the low side (though of course, still ahead of many people). I'd beef up your savings there as much as possible. [/quote]

Interesting.  (OP here).  I thought it was pretty good, but that might be because I was looking at the proportion of it that is mine.  My husband hasn't done so well at retirement savings, largely because he hasn't worked places with appropriate plans or 401k matches.  About $100k is mine.  We will put some more into retirement (I just maxed out 401k, husband will put some into IRA) but I'm also not too concerned about that point.  We don't live lavishly and without housing costs we won't need a lot to get by once the kids are grown (remember our combined income is $85k and we live well now).  (Also, by the time we retire there will be more inheritances from the remaining parents (not as wealthy but some valuable property) unless they live past 100 or so.  I know it's not generally factored in to retirement plans, but it was my dad that bought it up!)

Our mortgage is 3.875.  I'm inclined to pay down at least some of it, though.  [/quote]

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