Hi PF. Was hoping somebody could chime in with some words of wisdom or just thoughts in general. I had a chart I was going to post but can't figure out how to.
Anyway, our situation is this. 48 and 45 year old married couple. Stable relationship/jobs/medical-insurance etc. We live comfortably at our current income/spend ratio.
total debt is as follows:
57k in student loans at ~6.7% interest.
~42k in 401k loans at ~5.15% interest. ~$700 a month payment. This will go away completely in 5 years.
170k mortgage at ~3.8% interest. Around $45k equity.
No other debt.
Our total debt is going down at a rate of ~2k a month.
We both have 401k's that we are contributing to. One at 7% (matches 4%) and the other at 10% (Matches 5%). 401K total is currently at ~$300k. The 401k's have been doing decent and the total combined has been going up around $4k a month.
My question is, do you think we should reduce our contribution to 401k's and put more into paying off debt or keep doing what we're doing? Probably looking to retire around age 65 or so.
Submitted March 20, 2018 at 10:16AM by atadbitofparanoia http://ift.tt/2ppUXvy
