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Greetings WCI Forum:
I've been scratching my head trying to figure out the best way to go about this, any help or guidance would be greatly appreciated.
Here is a summary:
Wife (36) is a Psychiatrist at the VA (W-2) and is maxing her TSP + Match for the past 5 years. She has $174K in Student Loans (all federal consolidated @ 2.75% fixed). After this year, she will have finished about 2 years of PSLF payments. Goal is to continue to work for VA until the PSLF kicks in, assuming it is still around, otherwise, it will be paid off in 11 years. Small private loan from medical school ($15K @ 4.75% variable) which will be paid off either this year or next year). Backdoor Roth for 2017 and beyond is in the works.
Me (36); I'm an attorney and have my own consulting firm and receive a 1099 from the firms that I consult for. I've set up a company with a solo 401k this year and plan to contribute towards it on a yearly basis. I have $84K in law school loans (federal consolidated @ 3.5% fixed); plan is to pay off in 10 years like Wife's PSLF; $28K in private law school loans @ 5% variable; plan is to pay this off within two years. Backdoor Roth for 2017 and beyond is in the works. Essentially, I am a Stay at Home Dad that happens to work part time on my own time.
We also have a 2 year old and started Florida prepaid program and a 529 on her behalf. Contributing about $450 per month. Plan to have one more kid.
We have a Taxable Account with $13K and contribute $500 per month. Also contribute $100 per month in Robinhood stock app for fun.
We refinanced our home last year from a 30 year to a 15 year and have $268K left. Rate is 2.75%. House is worth about $550K and we live in a no state income tax state.
I was doing some calculations and thought about "paying off" our mortgage using my business income alone (approx.. $40K per year) within 6 years. Ideally, I'd love to pay it off before I was 40, but no dice. Of course, that would mean zero contributions to my solo 401k for 6.5 years. Once the house was paid off, then I'd begin my solo 401K contributions...I plan on working until 70, so I'd have approximately 30 years of growth.
What does the Forum think? Is it worth it? Or should I focus on growing solo 401k instead and just plan to pay off mortgage by age 51?
Thanks in advance! Great forum! I'll hang up and listen.
I've been scratching my head trying to figure out the best way to go about this, any help or guidance would be greatly appreciated.
Here is a summary:
Wife (36) is a Psychiatrist at the VA (W-2) and is maxing her TSP + Match for the past 5 years. She has $174K in Student Loans (all federal consolidated @ 2.75% fixed). After this year, she will have finished about 2 years of PSLF payments. Goal is to continue to work for VA until the PSLF kicks in, assuming it is still around, otherwise, it will be paid off in 11 years. Small private loan from medical school ($15K @ 4.75% variable) which will be paid off either this year or next year). Backdoor Roth for 2017 and beyond is in the works.
Me (36); I'm an attorney and have my own consulting firm and receive a 1099 from the firms that I consult for. I've set up a company with a solo 401k this year and plan to contribute towards it on a yearly basis. I have $84K in law school loans (federal consolidated @ 3.5% fixed); plan is to pay off in 10 years like Wife's PSLF; $28K in private law school loans @ 5% variable; plan is to pay this off within two years. Backdoor Roth for 2017 and beyond is in the works. Essentially, I am a Stay at Home Dad that happens to work part time on my own time.
We also have a 2 year old and started Florida prepaid program and a 529 on her behalf. Contributing about $450 per month. Plan to have one more kid.
We have a Taxable Account with $13K and contribute $500 per month. Also contribute $100 per month in Robinhood stock app for fun.
We refinanced our home last year from a 30 year to a 15 year and have $268K left. Rate is 2.75%. House is worth about $550K and we live in a no state income tax state.
I was doing some calculations and thought about "paying off" our mortgage using my business income alone (approx.. $40K per year) within 6 years. Ideally, I'd love to pay it off before I was 40, but no dice. Of course, that would mean zero contributions to my solo 401k for 6.5 years. Once the house was paid off, then I'd begin my solo 401K contributions...I plan on working until 70, so I'd have approximately 30 years of growth.
What does the Forum think? Is it worth it? Or should I focus on growing solo 401k instead and just plan to pay off mortgage by age 51?
Thanks in advance! Great forum! I'll hang up and listen.
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