Since I got out of college, I’ve been making paying off student loans a priority. I haven’t made my retirement. I’m almost 27 and I have about 8k in retirement and 5k left to my student loans that are a 3.5 interest rate. I’m currently overpaying my loans by about $300 a month and I shoot “extra” money to them frequently. With that mentality, I should be done with them in a little over a year if I just do the $300 overpayments. However, I know putting more into my retirement early is better in the long run and am curious if it may be a better idea to move that $300 extra over to that cause and minimum pay my loans. For further information, my first two years out of college I did not put money into retirement bc frankly I did not make enough to comfortably. After those two years, I changed jobs and started putting enough in to get my full company match (after everything it is 13% of my salary). It is very hard for me to tell what interest rate I am making through the retirement fund bc I find the site a bit confusing but currently it seems to say that since April my total rate of return on all my funds has been -10.5%. Since I’ve only had this fund for a couple years now, it’s hard for me to tell my actual rate of growth despite the market being down.
So where would you suggest I’d be better off putting that $300 a month/focusing and is -10.5% return okay for now, given the market, or do I have a problem and may need to look into changing investments? Thanks for the “adult” advice!
As far as my other debts I do have a condo sitting around 4.25%. It is currently being overplayed by $200 a month as well, meaning we are paying about one and a half extra mortgage payments a year. I just wanted to share that as a third option as to where I could be putting the money as well. House market growth for it as far as selling in the future is about 1% a year.
Submitted January 31, 2019 at 12:14PM by whothefuckcares123 http://bit.ly/2Toijj3
