- Joined
- Dec 27, 2011
- Messages
- 34
- Reaction score
- 21
Hello all, since March we've been paying the min on the wife's student loans, plus we sold a house so we've stockpiled cash and was wanting opinions on how to get the best use out of the cash.
Current situation: age - 35/31, 2 yo dependent
His income: $120,600 salary hospital staff
~$10,000 in OT/1099 job
Her income: ~$140,000 corporate retail staff
Retirement: His - 5% mandatory 403B with 10% added by employer
$19,500/yr voluntary 403B
Total - $223,000
Her - $19,500/yr, employer match 6%
Total - $115,000
Both with 90% in stocks, 10% in bonds
Her student loans - $190k at 4% refinanced thru sofi on 15yr term
Mortgage - $320k at 2.75% on 30yr term
No other debt
EF - $30k
After the sell of the house goes thru, we'll have approximately $70k on top of the emergency fund we already have in place. I'm thinking the best use of the money is to put a large chunk towards student loans then restarting the extra monthly payment and having them paid off as soon as possible. Am I overlooking any other options? Possibly starting an IRA for my wife or 529 for my son? Anybody see even a remote chance private student loans are forgiven post covid or after the election in November? Any opinions are appreciated. Thanks
Current situation: age - 35/31, 2 yo dependent
His income: $120,600 salary hospital staff
~$10,000 in OT/1099 job
Her income: ~$140,000 corporate retail staff
Retirement: His - 5% mandatory 403B with 10% added by employer
$19,500/yr voluntary 403B
Total - $223,000
Her - $19,500/yr, employer match 6%
Total - $115,000
Both with 90% in stocks, 10% in bonds
Her student loans - $190k at 4% refinanced thru sofi on 15yr term
Mortgage - $320k at 2.75% on 30yr term
No other debt
EF - $30k
After the sell of the house goes thru, we'll have approximately $70k on top of the emergency fund we already have in place. I'm thinking the best use of the money is to put a large chunk towards student loans then restarting the extra monthly payment and having them paid off as soon as possible. Am I overlooking any other options? Possibly starting an IRA for my wife or 529 for my son? Anybody see even a remote chance private student loans are forgiven post covid or after the election in November? Any opinions are appreciated. Thanks