Throwaway because I'm embarrassed about my situation.
Actually, I feel very blessed with what I have and where I'm currently at with my career and finances. I just feel so stupid for not contributing to my 401K. Thinking about retirement just makes me sad and worried. I feel a great urgency to take action now, but I just feel very overwhelmed with where to start, what to do, and just understanding it all to be honest.
However, while I feel like the biggest idiot when it comes to retirement and investing, there are a few things I tried to do right. I graduated college a few years ago, I have a great career, and just recently I finally paid off all of the debt I racked up in my younger days and in my marriage, including my student loans and vehicle. After paying everything off, I started putting my money into a high earning savings account.
Here's some info on where I'm at financially:
- I'm 38 years old. No kids.
- Salary: $80K.
- I've been at my job for a few years. I believe my company matches half up to 6%.
- Savings: $30K @ 0.75% APY.
- Mortgate: $1600/mo. It's the only debt I have in my name.
- Utilities: $200
- Cable: $125
- Groceries/household: $500 or so. Includes pet and rx. Also I hardly eat out.
- Gas: $175
I am separated, but still file jointly. Our separation is amicable.
Spouse info:
- Spouse salary: About $115K.
- Spouse debt: Small mortgage and a lease.
- Spouse also has savings and 401K. Not sure how much, I stopped asking when we separated.
- Finances are separate, but spouse has offered to still pay for health insurance, auto insurance, phone.
So, the first thing I know I need to do is participate in my company's 401K, but what are some of the other things I should start doing to try and catch up with saving for retirement? Or is it just too late? I guess I'd like to hear what everyone would do with my situation.
FYI: I looked into starting a Roth IRA but if I am understanding correctly, I think our combined salary makes me ineligible to start one.
Thanks for any advice or insight on this.
Edited because formatting.
Submitted December 20, 2017 at 12:23AM by 401kempty http://ift.tt/2CHaVXd
