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Married filing jointly should put you in better position to utilize the roth's directly magi of 180k or less and your wife should have a retirement plan that you contribute to even when she "retires" to write a book
another vote to contribute up to the match amount (4%), and put every other extra dollar on your student loans.
also, look at ways to earn extra off your loans. for instnance, my Citibank account gives me Thank You point that i redeem for student loan rebate checks. Just applied for a Thank You credit card and got a bonus 20,000 points = $200 check sent to sallie mae for doing nothing.
Hello folks, I have a question about balancing student debt vs 401k contributions. I graduated college in May of this year (2014) and I have 115k in student loans at roughly 6.3% interest. I make 120k a year and I work for a company that matches 4% of my salary per year. I am 30 years old. Should I aggressively pay my student debt down or contribute to the 401k to catch up? I have roughly 4k in extra money each month to do either/or. Lastly, should I contribute over the 17.5k tax-free amount yearly or do something else with the money once I reach that threshold. Thanks for any help.
Contribute up to the match and crush your student debt in just over 2 years or less, then max your 401k and contribute to a roth if your magi is low enough or a non deductible Ira and convert it to roth if your magi is too high
+1 for this answer as well.
I think we may have a consensus (at least on the basics) for the first time on the personal finance forum.
Thanks very much for the insight. My strength is that I don't buy a lot and I hate debt. I think I'm going aggressively pay off the loan while keeping the 401k to a bare minimum. I just hate having that debt cloud over my head. I should have roughly $4800 extra each month to contribute the loans. Wish me luck.
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