I will start a new job in January, and will have an annual salary increase of a little less than $24k, bringing me to a salary of $70k. I'm looking for suggestions on what to do with this salary increase. A few key details:
-Married family:(both of us are 29) & one child (6 months old)
-30 year mortgage note, 4.375% rate w/ $132,500 balance
-5% income tax state, with $6k annual property taxes
-Wife works & makes $65-$80k, dependent on wages/bonus
-$1,000 in college fund for son
-$60k in my retirement currently ($32k in 401k & 28k in ROTH)
-$90k in wife's retirement ($58k in 401k & $32k in ROTH)
-My new job will match 401k to 6% & wife matches 5%
-We have an emergency fund of $9,500
-Monthly mortgage is $1,400 & car note of $200 (1.49% rate w/ balance of $5k)
This is an accurate snapshot of our financial state, and I'm somewhat dumbfounded on what to do with the salary increase. I DON'T want to have lifestyle inflation. I've toyed around with contributing more to my 401k or more to the mortgage.
Thanks for your suggestions!
Submitted December 17, 2017 at 09:28AM by taylorretirement http://ift.tt/2B0rCjZ
