My wife and I currently earn ~$105K, but we'll be going down to just my income ($65K) when her maternity leave runs out (~Sept 2015). Currently, we max out both of our 403Bs ($35K) and our Roth IRAs ($11K). I'm thinking about switching to traditional IRAs, though, after reading about the pipeline. We also pay an extra $150 per month towards our mortgage. We won't be able to do all these things when we're just down to my salary. Am I right in thinking that the first thing to "cut" would be the extra mortgage payment? Our interest rate is 4.125%. Also, if it matters, we don't deduct our interest -- it's too low, we just do the standard deduction.
I'm hoping that, for 2015, we can come close to maxing everything out, but in 2016 we'll definitely have to pick and choose. What would your priority be (between the 403B and the Roth)? Would you switch to a traditional IRA going forward? And, if we switch to traditional, am I right in thinking that the 403B and the IRA are basically the same?
If you have any questions, please feel free to ask.
Thanks!