I'm 29 and recently graduated with my PhD in biochemistry--I consider myself intelligent but feel terribly ignorant and scared/overwhelmed about saving for retirement! Being in grad school for 6 years, I have next to nothing for retirement. I know I need to act now.
Financial background details:
-Job: I'm an industry post-doc and have a salary of $70K before taxes, but because I'm still a trainee, I get zero retirement matching from my company. I've been at my company 8 months; goal is to transition to bench scientist position in next 1.5 years that has retirement matching. This is my 1st job outside of undergrad/grad school. -I have ~$4K in a Roth IRA through my bank but I really don't understand it or how to evaluate it. -I've saved ~$22K in cash--$10K for a dedicated emergency fund and would like to invest $10K. Looking into the Vanguard Total Stock Index funds for lowest costs but again, I don't really understand it. -Joint savings: My husband and I have $20K in savings and are currently adding ~$3K/month towards this for a house. Aiming to save $80K for a down-payment in the Massachusetts area. -Husband is a public school teacher earning ~$55K and contributes 10% to his pension plan. Anticipate a ~$8K salary boost after he finishes his Master's this December (paying cash for remaining courses). -Husband has ~$3K in additional savings.
Debt:
-My husband and I have a car loan of $6300 that we pay $450/month for, interest is built into the loan lifetime. -Husband still owes $16K in undergrad student loans at 5.5% interest, and $165/month minimum payments. Only making minimal payments because he is a public school math teacher and is on track for student loan forgiveness in 2 more years--if program is eliminated by the current administration, we will pay it off aggressively. Unsure if this is a wise move but it's allowing us to save more for a house. -no other credit card or loan debt. No kids/pets at the moment, live a fairly frugal lifestyle.
Goals:
-I need to start somewhere for retirement savings! Overwhelmed by all the information on Reddit and I need some specific direction with the above information taking into account. I'm not risk-averse and understand my best chances are to invest aggressively now and not touch an account for 30 years to get best gains. Other than that and our good saving habits, my financial skills are mediocre at best.
Worth noting our personal goals, as they will change our financial landscape: -Transition to scientist position in 1.5 years with better benefits, i.e., retirement matching and maternity leave. -Want to buy a house in 2 years and start a family.
Any insight/advice is helpful!!
Submitted May 06, 2017 at 02:00PM by sluggerduff888 http://ift.tt/2qMEbXg
