I'm a big lurker of this sub and it's probably responsible for where I am financially right now!
I'm 25 making $50k a year with 5% raises coming in the next year and a half. My government employer matches my pre-tax retirement contribution of 6.6% of my gross. We don't have a statement of that fund for this last year, but my estimate would be around $10k total funds right now.
My "emergency fund" is sitting around $15k right now. This is plenty to cover half a year of expenses.
I also have my down payment on a future house taken care of with a family trust fund my great uncle blessed us with when he passed away 20 years ago.
As far as expenses, the only recurring ones are rent of $895 and utilities between $50 and $75, and my car payment of $250 (technically debt, but at 1.99%, not the high-interest type to worry about). Currently, 1 paycheck is enough to cover all of this.
I saved around $6000 last year, all of which went into building my emergency fund. But now, I'm looking to find my breakeven and start putting all my would-be savings into a government 457 retirement plan on a post-tax basis, probably in a 2055 targeted retirement fund (although I'd love to retire in my 50's).
Is there anything else I should be saving for that I'm missing? Should I continue building my emergency fund or start committing all of that money to retirement?
Submitted February 12, 2017 at 10:52AM by BeHereNow91 http://ift.tt/2lEJPbi
