To some, this might not seem like much, considering I'm 25, about to turn 26. I haven't had much luck with jobs, either being laid off, terminated due to company downsizing or the company went under, not to mention everything that happened last year.
I'm currently putting in a total of 10% of my checks and I get paid weekly, my company matches 4%. I'm currently putting 5% into my 401k and 5% into my employer sponsored Roth IRA.
Am I'm going about this right? I know I've heard and read that if you expect to be in a higher tax bracket when you retire, to put into a Roth or traditional IRA. At the same time, my employer only matches 4% to the 401k, which is why I'm putting 5% in there. It's taken me about 2 and a half months to accrue the $1k. Currently, if going off base pay and nothing with overtime, I'm putting in $70/week, plus employer match.
On top of that, I have it set up to increase both the 401k and IRA by 1% each year, as I do know my pay will continue to increase where I work, until I top out.
Is there anything else I should be doing? Am I going about everything the right way? Should I be trying to invest some of that into stocks/bonds (my employer goes through TransAmerica)?
I feel horrible only having as much as I do, at the same time I'm excited that I've finally managed to put into a 401k after years of no success.
Anyways, any advice I'll take it. If there's anything you'd like to add, I'll gladly hear anyone out. Thanks in advance!
Edit: Spelling error
Submitted March 29, 2021 at 08:38PM by Jack__Fearow https://ift.tt/39tux3Y
