I (39/F) make a fairly low salary (47K/year) but have low monthly expenses (about 1000/month) and 45K saved up in a high-yield savings account, due to saving during the pandemic. I always contribute the full $6000 to my Roth IRA on January 1st and already contribute 20% of my pre-tax income to my 403(b), but this coming year I was considering trying to see if I could hit my max 403(b) contribution for the first time. I currently have 300K already in retirement savings.
I don't have any major upcoming expenses, other than possibly going back to school in a few years for another degree. No kids, no mortgage, no other family obligations. The only other thing I could think of that may wipe out some of my savings would be a major medical expense or veterinary expense.
I'd basically be living paycheck to paycheck due to the increased 403(b) contributions and that makes me a little nervous, but this is a reasonable goal, right? I feel like letting my retirement account grow instead of my savings is a good move at this point.
Submitted December 25, 2021 at 10:57AM by macabre_trout https://ift.tt/32ESuEY
