I switched jobs at the beginning of the year and my new job doesn't have a 401k plan for the first year of employment. Unfortunately I put a small amount of money this year into a 401k from my previous employer so investments into a traditional IRA won't be tax deductible this year (I make $85,000 so I believe my MAGI will be too high).
After all's said and done I can invest $1300 to $1400 every month. I have $20,000 in student loans, $13,500 at 6.5% and $6,500 at 3.15%, so I want to put most of my money into that to pay them off within a couple years. After that I'm not sure where to put my money, I have a healthy rainy day fund so I don't need to worry about that.
Since I'm not putting any money into a 401k this year I want to save some money for retirement another way. I also want to get a house in 5 to 10 years so it might be a good idea to make some shorter term investments I can use for that.
Is it still worth it to put money into a traditional IRA if I don't get tax deductions or should I invest it elsewhere? Should I make any investments for a down payment on a house?