Hello, I am 25 years old and make about 75k USD per year. I had saved up about 10k when I was 21 and just had it in my checking account but I made sure I never went below that. I grew up in a financially illiterate household and never was taught about retirement accounts or saving. As my parents are getting older I see how they struggle in there mid 50’s with no savings or a plan. I think they plan on working till they die and I don’t want to be in that position. I started saving aggressively in October last year and opened a savings account and I now have 30k in that account. I want to be able to put away money that I can see multiply with time. I may need some of my money in about 5-10 years as I would like to possibly buy a house or move out of state. My job does not offer any 401k or any benefits like that. I live a pretty simple life and I don’t plan on having kids. What will a Roth IRA do for my money in 20 years? Or the benefits in general? Are there any older folks on this sub who are reaping the benefits of there retirement accounts? And my last question is, is it even worth it when I only make 75k a year? Next year I will get a raise and I’ll make 85k.
Submitted July 19, 2022 at 10:57PM by jaayb415 https://ift.tt/TWthASR
