I'm 30 and will be 31 later this year. I currently make just under 51k gross at my day job, and will make about 10k or so from various side hustles this year. I expect this to grow over time as I have a couple of other side hustle ideas. I currently own a home, but will be selling it and buying a home closer to my work for roughly the same price as my current home is worth. Just in case I am stacking cash until that is done. My take home after taxes and insurance is 1500 biweekly from the main job. I don't factor in side hustle money until clients pay me.
My job does not offer a 401k, but does COL raises every year, is very secure, and has a lot of vacation time, good healthcare, is only 35 hours a week, and has a good work/life balance most of the year. I'll also qualify for a 1k yearly longevity bonus starting early next year. For those reasons, I'd prefer to stay there in the next few years since I plan to have children. I do have a partner, but I'm buying the house myself and we will not factor in his income/assets here. Since my job does not offer a 401k I have been investing money since age 25 to have something. Hypothetically, would maxing out my IRA contributions each year + social security be enough to retire on? Also assume I'd have a paid off house and not supporting other people and I'd like to retire at 65. I don't qualify for an HSA due to my job's very good health insurance.
Assets:
Roth IRA: 53k, maxed out for 2022 already
Brokerage: 4k
Cash: 75k
Debt: 12k student loans, however I will qualify for PSLF forgiveness in 4 more years. Only other debt is my mortgage which is a 30 year fixed and will be another 30 year fixed on the new house.
I'll probably bring my cash level down to 30k or so once everything goes smoothly with the house by investing the difference. I anticipate I'll be able to put away another 6k or so before beginning to look for a new house in September.
Submitted June 05, 2022 at 11:48PM by Boring_Decision4435 https://ift.tt/NpUlrmD
