I’m 19, my income is about $68,000 per year. I’ve been working since the middle of 2020. I live at home with no real bills. I want to buy a house in about two years, priced around $300,000-$400,000 given the market I live in.
Here’s what I have so far-
Savings- $65,000
401k- I pay 8% of my salary into that, and my employer matches it. It’s a fixed percentage and not something I can change. This retirement account is volatile because it’s controlled by the state government, and it’s been subject to legal battles and other issues recently. I don’t expect to get much out of this retirement account, so I’m not relying on it for anything.
457(b) Deferred Compensation- I set this up at the beginning of 2021. I put $650 monthly into it, $325 per paycheck (paid biweekly). I figure I’ll dump a lot into it while I’m young and then scale it back when I start needing that money when I’m older.
Roth IRA- I set mine up towards the end of 2021 through Vanguard. I maxed out 2021 and now I’m contributing to 2022. I put in $300 a month but I’ll put in the difference of however much I need to max it out at the end of the year. I’m buying all VTTSX, which is Vanguard’s 2060 retirement plan.
Overall I’m seeking advice as to whether I’m on the right track or not. I think I’m doing the right things but I want to make sure. A concern I have is that I have $65k in a savings account. I already contribute a lot to my 457 and to my Roth, are there any other accounts I should be looking into to put some of this money away? I still need it to be accessible, I can’t lock up my entire savings. I want to put $50k down on my house.
Thanks in advance!
Submitted May 07, 2022 at 10:50PM by Snoo49726 https://ift.tt/JxUkqw5
