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Posted by PeterL on June 5, 2008, 2:10 pm
On Jun 5, 2:21 am, ehol...@charter.net wrote:
> Please don't rip me...It simply isn't necessary.
> I simply don't know what I am doing with my retirement investments. I
> have an IRA SEP( my company contributes up to 3% of my
> salary...balance about 16K...I put in about 15K a year) and I have 2
> IRAs that I put 4k in for the past 2 years. So total is about 26K.
> My salary is 90K(w2 income plus a small amount of self employed
> income) plus a bonus of approx. 35 k paid in July.
> I pay 14.11% in child support(which is figured from gross wages but
> obviously paid from net). I have 10 K in cash emergency fund.
> I have about 6 K in auto and CC debit( CC debit under $1,500).
> I can "save" approx. 25% of my wages. I have a ton of catch up
> retirement to do. I turned 49 last Thursday.
> I have lost 12% of my retirement since Nov. in the market.
> I owe 78K on my modest house. Would like to pay off in 4 years then
> put balance in retirement fund.
> The company is small that I work for but has been very successful( I
> say modestly, due to a large effort from me). Owners are willing(but
> very reluctant) to give me equity.
> Sorry to be rambling but I simply don't know who to ask what I am
> doing right or wrong.
> Any thoughts?
> Thanks in advance.
>
Pay off your credit card and auto debt is the first thing you should
do. Depending on your mortgage, there is no real hurry to pay that
off.
What are your IRA's invested in?
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