Hello,
I'm going to be an upcoming intern and was just wondering about whether I should be investing into a Roth in the context of a rather large loan burden ($340k). My wife and I will be making a combined $130K in a low cost of living state without state taxes. This is a preliminary monthly budget that I've roughly made based on our area:
Is contributing to the Roth a good idea? Or should I just be throwing all that money at my loans?
One other consideration is that I'm going to attempt to take advantage of the public service loan forgiveness (PSLF). Should I go with the PAYE or REPAYE currently? Assuming I'm paying very little, should I have a contingency fund in the event that PSLF does not end up working out? Thanks everyone.
I'm going to be an upcoming intern and was just wondering about whether I should be investing into a Roth in the context of a rather large loan burden ($340k). My wife and I will be making a combined $130K in a low cost of living state without state taxes. This is a preliminary monthly budget that I've roughly made based on our area:
Rent | 1550 |
Car payments | 520 |
Food | 1200 |
Gas | 160 |
Utilities | 250 |
Insurance | 200 |
Roth IRA contribution | 920 |
Loan repayment | 2000 |
Emergency/enjoyment | 1200 |
Total | 8000 |
Is contributing to the Roth a good idea? Or should I just be throwing all that money at my loans?
One other consideration is that I'm going to attempt to take advantage of the public service loan forgiveness (PSLF). Should I go with the PAYE or REPAYE currently? Assuming I'm paying very little, should I have a contingency fund in the event that PSLF does not end up working out? Thanks everyone.
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