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Royinstl's post about his amazing paydown got me thinking. He showed that he is fully funding their IRA accounts even during the paydown snowball phase.

I'm wondering what your opinions are on whether or not DW & I should do that.

We're young, 25 & 24... I've got about $12K in a 401K...and we have about $2500 in savings. We're have the following debts that we're paying down:

$26,000 @ 1.9% CC debt on two Citi cards (Down from $35,000 as of Jan.05)
$6500 @ 8% Car1 debt (20 months remaining)
$2500 @ 8% Car2 debt (12 months remaining)
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We've also got student loans...to the tune of ~$50,000 but those are not being figured in right now b/c of the low interest rates and long term.

Our current plan puts us out of CC debt by Oct 06, and out of car debt by the end of 2006.

So for the 2006 tax year, we'll be able to fund retirement accounts fully by Feb/March 2007.

My question is, should we be slowing our snowball to save up enough to fund an IRA for each of us fully for THIS year? It wouldn't slow us THAT much, but it would keep us from being CC debt free until about Jan. 07.

What do you all think?

mz00m
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