38 years old, finished graduate school recently, been working for 8 months at my second career. I'm wondering how much money I should put into my 401k vs paying off federal school loans? Any other advise is welcome.
Salary/bonus: $124,000 per year, will be approximately the same next year. 401k has no matching, but they put a good chunk in ea year, $10,000/year starting in year 2 of employment.
Assets:
Bank acct: 18,000
Stocks/bonds: 26,000
Roth 4,600
401k: 61,000
Total: 109,600
Debt:
Federal student loan debt: 154,000 at 6.1% interest
Car loan: 24,000 at 1.9% interest for 5 years
No other debt
Total debt: 178,000
Do not have a house. My studio apt rent is 1500/mo.
I currently pay about 10% of my monthly income toward student loan.
I currently contribute 20% of income toward 401k