I (26 years) recently finished dental school with a loan of about 380k (7-9% interest). Besides that I have no other loan or debt. I currently have a job taking home 90k after taxes(Very high tax state). I have 20k saved in my bank account and pay 2600 monthly for my loan on a 25 year payment plan. After paying rent, bills, and putting 500 into savings each month, I am left with about 3k a month.
My company offers a 401k plan where they match half of the initial 6% contributed and the 401k maxes at 18,500 per year. They also offer a HSA plan but I do not contribute to it.
Naturally my income will increase as I get more experienced at my job and I expect my income after taxes to increase to 120k after my first year. If I dump all my extra monthly money I can pay off my entire loan in about 6-7 years or sooner.
Would it be detrimental to my retirement savings to forgo the 401k all those years? I have heard many times that time is the biggest factor when investing in the 401k, but frankly I do not know much besides the very basics of finance.
If there are any suggestions I am open to hearing them.
Thank you!
Submitted January 19, 2019 at 12:52AM by crodr014 http://bit.ly/2RBGnlI
