Hi forum, my 1st post here and need some help to figure out my options
I turn 47 this year with 2 kids, 8 yrs old and 1 1/2 yrs old, factory worker, possible getting layoff sometime this year.
The only loan I owe is the mortagage on my primary residence, worth ~$700,000 and owe ~$335,000
I have
$200,000 cash in my saving account
$35,000 in ROTH IRA
$460,000 in 401k
$100,000 in pension
$10,000 in another pension
I have a 2nd rental house worth about $330,000, already payoff and collecting $1,000/month after all the expenses.
Wife is 45 and will continue working for at least the next 10-15 years, she is making $38,000 gross
My youngest kid is attending a private childcare school, cost me $1,600/month, will cut that out if I stay home and babysit.
My monthly expense other than the mortgage and child care are ~$1,500 utilities/vehicle/insurance plus $1,500 food and extra, I need about $3,000 a months to live comfortably.
Should I payoff or paydown my mortgage?
Am I able to retire or do I need to get a part time job?
I turn 47 this year with 2 kids, 8 yrs old and 1 1/2 yrs old, factory worker, possible getting layoff sometime this year.
The only loan I owe is the mortagage on my primary residence, worth ~$700,000 and owe ~$335,000
I have
$200,000 cash in my saving account
$35,000 in ROTH IRA
$460,000 in 401k
$100,000 in pension
$10,000 in another pension
I have a 2nd rental house worth about $330,000, already payoff and collecting $1,000/month after all the expenses.
Wife is 45 and will continue working for at least the next 10-15 years, she is making $38,000 gross
My youngest kid is attending a private childcare school, cost me $1,600/month, will cut that out if I stay home and babysit.
My monthly expense other than the mortgage and child care are ~$1,500 utilities/vehicle/insurance plus $1,500 food and extra, I need about $3,000 a months to live comfortably.
Should I payoff or paydown my mortgage?
Am I able to retire or do I need to get a part time job?
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