Opinions wanted

I would save some of it, for an emergency if you don't have any emergency funds already. If you or your wife gets injured, a storm knocks a tree and damages, your house or car, etc. If you have to take out a loan or use a credit card because on a unexpected event you'll probably pay more in interest on that loan than on your mortgage.

Investing in upkeep of your home is a wise investment, but don't over invest in your home, especially if your planing to move when you retire. Real Estate prices are falling and are expected to continue to fall for a very long time.

If it was me, I would not invest in new carpeting. It think it stinks (and it literately does after time). If you have hardwood floors it would be better to ditch the carpeting and just use small throw rugs where necessary. If you don't like to walk on cold floors, buy a pair of slippers (much more cost effective!)

I am sorry - truly I was going to put you in touch with my accountant, if you had paid that.

Personally, I would put it on the house, if you think you can swing making a living if this new job falls through and it sounds like you can.

The last time we got a refund that large, we had paid in over $20K and got audited for 5 years in a row - until we found this acountant.

I would work on paying off the house within the year.

If you pay off the house it is always possible to work to fix it up later. If you spend the money to fix it up and something happens you may loose a fixed up house.

The unexpected happens. Make your decisions wisely. Carpeting is nice, but I'd be more comfortable applying part to the mortgage and putting the rest aside. Also keep in mind that you will have to rebid on your contract when the time comes and that you may not be awarded the contract next year.

Maggie

M-4, my choice would be RRA.

Ok, its not the best financial advice, but the most fun!

I agree, this is the best option. You never know if or when Gov. contracts are going to be renewed.

Brother in Law was in this same situation, he opted to spend, spend and spend more. His employers contract didn't renew and he still had the same bills to pay of as before instead of taking advantage and paying things off while the going was good. He now makes a lot less money.

I'd pay off that mortgage, you can quickly save enough to do your repairs when you don't have a monthly mortgage payment to make!
If the roof needs to be done, I'd consider that...everything else can be done as needed.