I think you need to suck it up and stay at the boring job for 5 years to get the loan forgiveness. If it helps with your mindset, think about it as helping your children. Eliminating the federal debt will greatly assist in your ability to help them long term. Put the extra $600 towards your private loans.

OP, I feel for you. Our finances and family situation are almost identical, although I started with 'only' $110k and I am 41. I've been paying $2k a month for the last three years and I am going to pay off the last $15k with my federal refund and a chunk of savings. I have not yet set up their 529s (they are 1 and 3).

You need to target your student loans and make that your goal. If you want to set aside something for your kids now (even though staying at your boring job will provide to them a huge benefit in the long run) find the money elsewhere. Do you eat out? Do you have premium cable? Do you drive new cars? Cut something that you 'want' but go not need and put that into their 529s.

Good luck.

I am seriously asking if I should focus on kids or me!

I just worry that by the time I'm done paying my loans, it'll really be late to start their savings. Plus I would feel better if I were putting something into an account for them (emotionally speaking).

I work at a university - I have 5 years down of ibr qualifying payments, so if I stay another 5 years here (or other public sector job) I'll get the balance of my fed loans (about $65k now, less in 5 years, of course) forgiven. Am trying to plot a strategy to leave my job, but would want more money and similar flexibility, which would be hard. Am bored though.

I contribute enough to my 401k for the max match.

Will consider focusing on my loans. Thanks! More opinions welcome.

Are you seriously asking if you should save for your children's college before paying off your own? Obviously pay off your loans first.

I think it's crazy to even consider saving for the education of another generation before you have paid off your own education bills. Seriously.

Also: you can borrow for your child's education, if need be. And they can get jobs, or scholarships, or go to cheaper schools. But you can't get loans to fund your retirement.

Priorities:
1) Pay your dad back before you splurge on your kids.
2) Fully fund a 401k and Roth iRA
3) Pay back loans

At a $600 profit, you've got a good investment there! If you refi to a 15year mortgage, you could own it free and clear by the time your kids are in college and sell it to pay college if necessary. But the passive income is great. You gotta pay yourself first before you find their educations, though. Having parents who can't afford retirement is MUCh worse than going to community college or state school. Much worse.

Can you do IBR with public service loan forgiveness option? I'm assuming you have a govt job from the salary number and cush factor but if that's not correct then disregard.

How much equity do you have in the condo? It might make sense to sell it. How much do you owe your father? Hard to say how many years you will be paying him off at $300 a month. Also, depending on what the condo costs a few months without a tenant or a major repair (assessment) and you're pretty screwed.

Your emergency fund looks low. Does 15k cover at least 6 months to 8 months of expenses?

Personally, I would probably put $50-100 a month for each kid in a 529 because with $120k in loans that is a deep hole. I'd like to see myself building something for my kids.

And yeah, you probably should have sucked it up for a few years in private practice with 180k in loans to pay off.

http://money.msn.com/retirement/retirement-number-is-8-enough

Here is one calculator for where you should be now & where you might need to get to for retirement.

I would also accept that until your first one is off to K, that you're going to have to sacrifice something here.

OP here: Loans are at between 3 and 5%, about half fixed and half have variable rates.

Definitely paying dad back.

Both houses have low fixed rates.

It is a low salary; I'm bored but my kids are little and I really value the flexibility it offers. I may go back to practice in the next few years (and increase earnings) but let's play conservative.

1. How do I estimate what I need for retirement, and

2. I'm starting to feel like I could use a financial planner, but maybe not. Thoughts?

Thanks for the feedback. Really appreciate it.

You only make 107K as a lawyer? That sucks. I make the same in sales.

Pay off the loans first.

You are way behind in retirement, so I would split it between retirement and loan payoff.

I would also keep paying Dad as he did help with your down payment.

- 401K first to the extent there is a company match.
- Student Loans next
- Kids funds last

remember, you can use personal money to pay for college. Can't touch 529 money for groceries.

You need to be saving more for retirement. I'd say you are behind. Unless salary will increase significantly, you need to be saving more for yourself, not your kids.

What's the interest rate on the loans?

Me: 35 y o, 7 years out of law school, with a cushy (and boring) 107k a year job. DH makes 90k. 4 year old and 1 year old kids. Have investment condo, which makes about $600 a month, but I roll $300 towards my dad for helping w the down payment, and the rest into a maintenance fund (hope not to need it!). Own our home (has $100k equity and climbing.)

Have 70k in retirement savings. Have 15k of emergency fund. Have 120k of student loans left (down from $180).

With an extra $600 a month, should we pay down my loans faster, or put money in for kids college?