26 yo dentist couple - Florida
2018 projected gross income: 240 - 260k
Projected net savings after expenses: 100 - 120k
Debt:
His - 48K @ 5.125% (REPAYE 2.56% effective interest)
Her - 300K @ 5.75% (REPAYE 2.875% effective interest)
Roth IRA:
His - 5500 (2017 contribution)
Her - 5500 (2017 contribution)
We don't have any retirement options at work so limited to Roth. We plan to do backdoor for 2018 and every year thereafter.
Currently renting home with no intention of buying soon. Buying a practice will come first (hopefully within next 2-3 years).
We own both autos and are quite frugal. Our incomes are quite low at the moment as we are new grads however should steadily increase in the coming years.
Plan in order of priority:
1. Fund 2018 backdoor roths 11K
2. Both recertify for REPAYE in June - low 2017 AGIs
3. Pay 48K note when funds available
4. June 2019 - lump sum payment on her loan to avoid capitalization and decrease balance. Then refinance privately.
5. Aggressively pay down her remaining loan.
Thoughts? Does this plan sound okay for the time being? Should I modify anything?
2018 projected gross income: 240 - 260k
Projected net savings after expenses: 100 - 120k
Debt:
His - 48K @ 5.125% (REPAYE 2.56% effective interest)
Her - 300K @ 5.75% (REPAYE 2.875% effective interest)
Roth IRA:
His - 5500 (2017 contribution)
Her - 5500 (2017 contribution)
We don't have any retirement options at work so limited to Roth. We plan to do backdoor for 2018 and every year thereafter.
Currently renting home with no intention of buying soon. Buying a practice will come first (hopefully within next 2-3 years).
We own both autos and are quite frugal. Our incomes are quite low at the moment as we are new grads however should steadily increase in the coming years.
Plan in order of priority:
1. Fund 2018 backdoor roths 11K
2. Both recertify for REPAYE in June - low 2017 AGIs
3. Pay 48K note when funds available
4. June 2019 - lump sum payment on her loan to avoid capitalization and decrease balance. Then refinance privately.
5. Aggressively pay down her remaining loan.
Thoughts? Does this plan sound okay for the time being? Should I modify anything?
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