Submitted by pharmagirl26 t3_10pcsaq in personalfinance
Liquidretro t1_j6jokql wrote
No, but you are close and doing most things pretty well.
The general recommendation is to save at least 15% to retirement. With your income you should aim for maxing out your tax advantaged accounts before taxably investing. Your close on your 401k before the match but not quite there and this doesn't bring you to 15%. Many people are suggesting this 15% number be bumped up to 20% these day too.
The other general recommendation is to have 1 years income saved by the age of 30. So you are behind, but I'm guessing you haven't been making $178k for 5+ years either, so this isn't unheard of at this age. The important part is to catch up and keep lifestyle inflation in check.
You should probably look at doing a traditional IRA (no income limit) to increase your tax-advantaged accounts before taxably investing. You maybe able to convert this to a backdoor roth IRA too.
How did you come up with the $25k need for an emergency fund?
I would redirect your taxable investing to tax deferred accounts until those are maxed out, and take a look at your fun spending each month to divert some of it into increasing your ability to invest. The prime directive in the wiki has a great flowchart you should follow for the order of operations on your money.
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