- March 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation Analysis and Advice
Advice Needed for “Age Gap” Couple – IÔÇÖm 54, husband 44.
My current 401k balance is $27k, which is causing me a lot of anxiety. I contribute 6% of my $95k salary to the 401k to receive the maximum employer match. I am planning to continue working until I am 70, if possible.
On the other hand, my partner’s 401k balance is around $100k, and he contributes 6% of his $90k salary to receive the maximum employer match. Additionally, my partner has a side income of $30k per year.
### Current Debt Situation
We have a few outstanding loans and debts:
– **401k Loan**: The principal balance is $6300, with interest, the balance is $7500, and we are paying $36.58 per week at 8.75% interest.
– **Auto Loan**: Approximately $11k remaining at 4.25% interest.
– **Mortgage**: We owe $345,027.70 at 2.75% interest, which we opened in September 2021 with a monthly payment of $2300.
– **Savings**: We currently have $10,000 in savings.
### Available Extra Income
After paying all our bills, we have about $2500 “extra” money per month. We understand the importance of contributing more to our 401k accounts; however, we are unsure whether to prioritize paying down the auto loan and/or 401k loans first, even though they have relatively low interest rates, before increasing our contributions to the 401k.
Additionally, we are unsure whether to invest more heavily in my partner’s 401k or mine, or if we should focus on contributing more to the mortgage principal. Saving more is also a priority, but we are uncertain about the best allocation strategy.
### Recent Financial Progress
I recently started earning my current salary within the past year; previously, I was earning $52k, while my husband was earning $70k. We recently paid off an auto loan and saved $90k for a down payment on our house. We lived with family for three years and used cash to do significant renovations on the house. It is important to note that our current financial situation with extra cash is relatively new to us.
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