After years of modest salary and under-saving for retirement due to obligations, I’m finally earning really good money and have no one depending on me.
I’m 55 and my goal is to retire with $1M in retirement savings at 65. How do I get there? Can I? Here’s where I’m at now:
Salary: $145K (very recent)
New biweekly take home (26 paychks/year) $3000. 401K: $275k. IRA: $32k. HSA: $2k (new offering by employer). Brokerage: $24k. Cash: $13k. Mortgage, tax, ins: $1400/month. Mortgage: $150k @3.75%. Car: $6k @ 3.99%; $317/mo. Utilities/maint: $300. Gas: $120/mo. HOA: $208/mo. Food: $250-$300/mo. Out of pocket medical/dental: $50/mo.
This year I will max out the 401k ($24.5k) and HSA ($4450 - not going to use it to pay current med bills). No pension. Employer 401k match is 35% of the first 6% of salary up to $18k.
How much do I need to save per month or per check outside the 401k and HSA to get to $1M by 2028? Best way to do that? Thank you!! And thanks for reading to here.
Submitted July 06, 2018 at 08:26AM by howsadley https://ift.tt/2NwwmR9
