J
Jeffrey Bergman
Guest
We just received a gift of 8k from my wife's mom. I would like some advice on where to put it. My wife wants to put it towards our mortgage.
Let me tell you a little about us. We are both 50 have no debt except for home (13 years left on a 15 yr. loan interest rate 4.875 amount still owed 145k). We have 200k in equity in home, 330k in retirement accounts and my wife has a company pension that will be worth another 350k in 5 years. She also currently maxes out on a 401k plan including the 50 and over amount. I on the other hand own a small printing company with my dad. Our company has fallen on hard times along with other printers due to new technology. My salary has dropped drastically in the past 2 years. I still manage to put about 5k in a simple IRA and 3.5k in a roth IRA.
I know the 8k will not be a life changing sum, but could anybody give me advice on what they would do with it based on my situation?
Thanks, Jeff
Let me tell you a little about us. We are both 50 have no debt except for home (13 years left on a 15 yr. loan interest rate 4.875 amount still owed 145k). We have 200k in equity in home, 330k in retirement accounts and my wife has a company pension that will be worth another 350k in 5 years. She also currently maxes out on a 401k plan including the 50 and over amount. I on the other hand own a small printing company with my dad. Our company has fallen on hard times along with other printers due to new technology. My salary has dropped drastically in the past 2 years. I still manage to put about 5k in a simple IRA and 3.5k in a roth IRA.
I know the 8k will not be a life changing sum, but could anybody give me advice on what they would do with it based on my situation?
Thanks, Jeff