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Asked 10/4/2008
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Where to put extra money I'm 54 years old and wish to retire at 57, albeit do not have enuf money for that dream at this time. After expenses and maxing out my 401K and IRA, I have an extra 1000 dollars available and don't know where it is best spent.
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Answer 1/3 - Submitted 10/8/2008
The conventional advice here is to take the extra money and place it into a short-term money market account that invests ONLY in short-term tax-exempt US government securities like treasury bills, bonds, notes, etc. That way you don't have to try second-guessing the stock market during this dismal period; your money is invested in a reasonably safe equity and it is available to you if you need it for emergencies or a new investment opportunity.
Answer 3/3 - Submitted 1/19/2011
Take the extra money and make additional payments to your Sallie Mae loan to pay it off sooner and get rid of the interest that it is costing. Once that loan is gone, if you still have the extra $1,000, make extra payments to your mortgage. I think it it will be easier for you to retire when you want to if those two debts are gone or much smaller.
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