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Money & 401K Advice

Discussion in 'General Chat' started by rick sample, Nov 12, 2009.

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  1. #1
    Hi Everyone,
    I'm looking for everyones opinion regarding my situation. I contribute an extra $200/month and $2,000 per February to my 15 year mortgage. It should be paid off in around 10 years from now.

    My wife and I currently contribute 6% & 6% to our 401K's. The maximum our employer matches. Both of our 401K investements are in fixed income options. They will not loose any money, but they have a lower return currently set at 3.50%/year.

    My question, would it be a smart move to increase my 401K to 8% and put less towards my house principle? This would add another $50.00/ month to my 401K account.

    The reason I'm considering is that if I put that money on the house it will only gain money until the house is paid off, 10 years from now then it's gone. If that money goes into my 401K, it'll gain compound interest for the next 40 years.

    All advice welcome :)
     
    rick sample, Nov 12, 2009 IP