Hello all, I just joined the forum a few days ago and already have learned a ton. A little about our situation:
I'm 40 and my wife is 44. We both work full time and have combined gross income of about $230K. We also have 1 child that is 10, so we've got a ways to go with those expenses, although we do have about $80k in a 529 as it stands.
Currently, we have $1.1mln in retirement accounts, $225 in taxable brokerage/savings accounts, not including the 529 money.
After expenses and maxing both 401ks, we have $2-4K left each month (depending on spending that month) we need to do something with. My question to you all is should we just invest it in a low cost index fund and continue to grow our nest egg, or start to aggressively pay down our mortgage. Currently, we owe $435k (30 yr mortgage) on a home worth about $650k.
I'm also considering taking a chunk of the $225k in savings mentioned above and putting it towards the mortgage. Maybe $50k of it.
Longer term we have always planned on retiring at 55, but we are ahead of our plan and it would be great if at least my wife could stop at 50 and then I'd play mine by ear. But, that's for another thread.
Thanks for the advice and look forward to learning more from everyone.
I'm 40 and my wife is 44. We both work full time and have combined gross income of about $230K. We also have 1 child that is 10, so we've got a ways to go with those expenses, although we do have about $80k in a 529 as it stands.
Currently, we have $1.1mln in retirement accounts, $225 in taxable brokerage/savings accounts, not including the 529 money.
After expenses and maxing both 401ks, we have $2-4K left each month (depending on spending that month) we need to do something with. My question to you all is should we just invest it in a low cost index fund and continue to grow our nest egg, or start to aggressively pay down our mortgage. Currently, we owe $435k (30 yr mortgage) on a home worth about $650k.
I'm also considering taking a chunk of the $225k in savings mentioned above and putting it towards the mortgage. Maybe $50k of it.
Longer term we have always planned on retiring at 55, but we are ahead of our plan and it would be great if at least my wife could stop at 50 and then I'd play mine by ear. But, that's for another thread.
Thanks for the advice and look forward to learning more from everyone.