OK so a little background: 26 y/o service industry worker (cue: no benefits). I make 50k per year pre tax, maybe a little bit more. I get a lot of taxes taken out so lets just say I bring home 650$/ week after taxes (this can be MUCH more depending on the season but its always at least this much). I paid off my debt this year (CC, student loan, and car). I have 6,000 in savings
My current expenses: Rent: 550 Utilities (internet, water, electric):100 Phone : 100 Health Insurance: 200
I have low cost of living in my area and we get fed at work which cuts down significantly on my costs. I feel very lucky.
I want to start saving for retirement but I'm not sure where to start? I would like to have my savings up to 10k by the end of next year and then start saving for a house. Houses in my area are pretty cheap (250,000) for a nice home. I'm not worried about buying one for at least 5 years and hopefully I will be married by then (if not, no biggie I'll just get a roommate). I just don't know whether I should invest my money, put it into retirement savings, or try to buy a house first?
How can I determine how much social security I will likely receive?
I want to save for retirement but not at the expense of not being able to live in the NOW. I also am worried If I HAVE to put money into it every month? What If I get laid off and have no money to put into it? I'm just so lost but I feel like I have a pretty decent start with minimal expenses and being debt free with a little savings already. I will most likely inherit money in the future as well to be able to buy a home. I'm not even sure I want to own a home until I absolutely have to (kids, school districts, etc etc) because of the taxes, buying stuff to fill the house, repairs, insurance, etc etc....or if i decide to move for a job!
So I guess my question is: what is the best way to prepare for retirement? Buying a home and then selling it, investing the money, or retirement savings like an IRA? Maybe a little bit of all three, plus social security?
Submitted October 20, 2017 at 01:19PM by strawberryfields91 http://ift.tt/2yWHRx9
