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Adventurous-Coach-11 t1_jectaqf wrote

Reply to comment by ItsWetInWestOregon in Are we living out of our means? by [deleted]

We have no retirement fund. We have a 529 for my son, and will open one for our daughter once she’s born.

I have no knowledge of where to start with retirement, or investing. I am at a complete loss.

After Tax, I take home $681 plus $316 cash. I am contracted as well and paycheck is $800-$900 monthly depending on hours and I obviously have to take taxes from that.

10k was from moving to where we are now two years ago. We could pay it off but we would not have the money to do the things we want to do to our house once we close, it’s 22 year old house and needs repainting & some fixing up work nothing too major, mostly cosmetic.

We may just have to bite the bullet and pay the 10k off and wait on house repairs.

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InteriorAttack t1_jecu4dt wrote

> We have no retirement fund. We have a 529 for my son, and will open one for our daughter once she’s born.

You can't afford to pay for anyone's college. Sorry. You have no retirement funds, 10k in high interest debt, and a 40k car loan along with other items in your budget that seem way way too expensive. So I think the answer to your title is yes, very

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Adventurous-Coach-11 t1_jecvduv wrote

I’m 23, while I definitely think retirement is an important aspect of my life. I really do believe I have plenty of time to really decide what to do on that end.

I wish I could attach an excel sheet, expenses would be easier to list out.

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ItsWetInWestOregon t1_jecwb8t wrote

Oh whew. Yes at 23 you can safely start now. You don’t have plenty of time. The younger you start the less you have to put in per month due to compounding interest on retirement. So if you can start now, you won’t be playing catch up when your kids are in highschool and ready to go off to college. You can start lower. 10-15% in your 20’s.

Do either of your employers offer a 401k

If they don’t you can open an IRA with vanguard or fidelity pretty easily.

Play with some retirement calculators and see what the difference will be if you wait.

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