I am 23, making $52k/yr. My parents have always put a huge focus on retirement savings, so I am very hesitant to make any changes to my current savings plan. This is my situation:
No Debt
Savings Acct: $15k
Company 401k: $13.5k (Contributing $400/month)
Roth IRA: $32k (Contributing $5,500/year)
I live with my parents for the time being but am looking to move out here soon. Since I've been living with them, I will have to furnish my new place myself, which will probably be around $5k (let me know if I am over/underestimating this). I want to rent for as little time as possible before I put a down payment on a house, so I was wondering if I should back off on my 401k contribution (company has a profit sharing, not a match program) to beef up my spendable savings. If I stopped my contribution and my math is correct, it would raise my take home pay by around $280 - $300/month. Thanks for the advice!
Submitted February 02, 2017 at 09:51AM by fake1217 http://ift.tt/2k3Ssh8
