my name is Jane and this is my first time stumbling across this site. I'd appreciate any quality answers to my question.
Here's my stats:
3 jobs: 55k/year
FT at a church 40k/year
PT at a juvenile detention facility 10k/year
PT at a university as online faculty 5k year
Just graduated from PhD in July. Have no ed debt and no debt but the house.
Paid 98k for house in 2004. Paid down to 70k. City says house worth 41k.
I like house well enough to stay; it's 15 mins from work and my three jobs are all solid. I have 5k in an emergency fund. I have a little in social security (and pay into that with my FT church job) but I have $140k in Ohio pension (I was a FT corrections officer for 7 years before leaving to do PhD and transitioning to juvenile PT). Working 5 shifts a month a juvie keeps me in FT retirement with the state of Ohio. So basically if everything stays like it is for the next 30 years (I'm 35 now), I'd have 30+ years in SocSec, 30+ in OPERS, and will be subject to the Windfall Elimination Provision.
I'm basically trying Dave Ramsey's baby steps and in Nov started listening to him daily on podcast. He says put 15% of your income in retirement but I'm pretty solid that way and want to attack the house instead. I have no Roth and think I also need to start taking advantage of the $5500/year. When I get my tax check back, I'll have enough to either throw $5500 in Roth (counts for 2015 if done by April 15 I guess) and can try another $5500 for 2016 by the end of the year, OR I can put this $11000 toward the house, pay off the house, and then go crazy on retirement once the house is paid off (using the mortgage payment to do that). I just don't know what to do with the $11k I know I can save this year - Roth or on the house? My mortgage payment is 710.44 at 5.5% fixed for 30. I've paid extra when I can (usually 100 a month or so) and I've shaved off 3 years so far I believe. But I could make double payments if I don't start the Roth now. How would you advise your sister? :) Thanks so much for any of your time.