Asked a similar question on another board but this one is more investment specific.
We currently have $1000/left over every month, and will have $500 more after our boat (yes, a boat!) is paid off in September.
We're 38, making $105K a year. Salary and bonus continues to go up each year. I'm a SAHM, but have earning potential. Hoping to wait until kids back in school a bit though (4 years), or simply continue with part-time real estate.
Yearly expenses around $49K, but will be reduced to about $31K after mortgage payoff (12 years).
Only debt is the mortgage and a $55K student loan, locked in at 2.9%, $290/mo.
401k and Roth iras currently have $350K in them. So, my question is, assuming everything else for us stays the same (but hoping for cost cutting ideas in other thread), where is best place to put extra money each month?
Hubby currently putting 6% in 401k and getting a 3% match, so 9%. We also do $150/mo to 529's for kids. We're up to $25K total currently in there.
Based on 4% rate, etc, I'm thinking the 401k is good as is and continue with the current 6% contribution. Then what? I'm also assuming more investment vs pay off of mortgage or stud loan given their incredibly low interest rates. But fully fund roth and then taxable? Or just go straight taxable?