Hello everyone. I'm 38, single and don't have children. I'm a high earner, but divorce a few years ago set me back a bit. I'd like to retire altogether in my late 50s, but I'd also like to cut back in work hours over the next few years...anyone care to critique what I have going on?
403(b): $212k
NW Mutual investment account: $250k
Fidelity acct: $25k
physical gold: approx $10k
Mortgage: $389k remaining (3.375%)
Heloc: $48k remaining (4.75%)
Student loans: $48k remaining (2.5%)
Monthly, I put $7k into my NW Mutual account. My 403(b) is maxed out. I am trying to pay off the Heloc by paying $1900 per month...should be done with that in about 28 months. I pay $500 per month on my student loans.
I also have a State Farm whole life policy (15 pay life) that costs me about $980 per month...long story but it's through my bro-in-law agent and I don't really like it...but I plan on taking the money out as soon as the cash value equals what I have put into it.
I typically net about $18k per month with salary and overtime. After all payments are made, I don't have much left each month. Am I being overzealous with the Heloc payments? Should I up my mortgage payment from the minimum? I haven't worried much about the student loans since the interest is so low.
Ideally, when the Heloc is gone, I'd like to raise my mortgage payment by at least $500 per month. It's a 15 year, and I have 12 left. Just $500 extra per month would knock a couple of years off the payoff.
Any suggestions would be much appreciated! Thank you.
Justin
403(b): $212k
NW Mutual investment account: $250k
Fidelity acct: $25k
physical gold: approx $10k
Mortgage: $389k remaining (3.375%)
Heloc: $48k remaining (4.75%)
Student loans: $48k remaining (2.5%)
Monthly, I put $7k into my NW Mutual account. My 403(b) is maxed out. I am trying to pay off the Heloc by paying $1900 per month...should be done with that in about 28 months. I pay $500 per month on my student loans.
I also have a State Farm whole life policy (15 pay life) that costs me about $980 per month...long story but it's through my bro-in-law agent and I don't really like it...but I plan on taking the money out as soon as the cash value equals what I have put into it.
I typically net about $18k per month with salary and overtime. After all payments are made, I don't have much left each month. Am I being overzealous with the Heloc payments? Should I up my mortgage payment from the minimum? I haven't worried much about the student loans since the interest is so low.
Ideally, when the Heloc is gone, I'd like to raise my mortgage payment by at least $500 per month. It's a 15 year, and I have 12 left. Just $500 extra per month would knock a couple of years off the payoff.
Any suggestions would be much appreciated! Thank you.
Justin