Quote:
Originally Posted by gertymac
Should we be using the 20% we currently contribute to EF for mortgage principle in an attempt to get it down before our interest rate goes up? Or should we contribute to my retirement account? Once my student loans are due the MINIMUM payment will be about 10% of our income, so how do we allocate funds after that hits?
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You guys are doing great! I was reading along quite impress, but a huge red flag went up when I saw that you have a variable/adjustable mortgage rate. That's a dangerous situation ...
Also, what % of total income is yours/his? 10% of salary is a pretty generous employer-based retirement plan these days. However, that's not enough for the two of you unless your income is about 70% or more of the total household income. If that's not the case, I'd also recommend increasing the retirement savings.