The following data will apply starting in December 2015, when our first child arrives, and my wife becomes a SAHM. I am 30 and she is 32.
Gross Annual Salary/Wages: $81K
Pre-tax deductions: state and fed taxes, health insurance, 7% (mandatory) of gross into state pension, 8% (optional) of gross into 403(b) (let's say $34K per year total deductions)
Assets: $13K in checking/savings, $57K in 403(b), $27K in wife's Roth IRA, $265K home, $6K car and a $16K car, pension currently at a cash value of $13K
Liabilities: $210K balance remaining on 30 year conventional mortgage @ 3.5%...that's our only debt...paying $220 extra per month on principal in order to pay it off in 2035 rather than originally scheduled 2043. Minimum P&I is $1075, with taxes & insurance it is $1275, we pay $1495.
Specific Question(s): Should we be concentrating on:
1) funding retirement more aggressively (can't fund wife's Roth IRA since she won't have an income)
2) paying off mortgage even more aggressively
3) opening non-retirement investment accounts
4) Anything else I'm not thinking of
Thanks Mustachians!