My situation: Didn’t take retirement savings seriously until 6 months ago. I’ve taken steps to maximize my savings gradually as I learn more about investing and as I up my financial literacy.
I have 12,000 saved in various savings accounts: - 2k in a checking for liquidity - 8k in a HYSA - 2k in a travel sinking fund in HYSA
I was wondering if I should use 10,300 to max out a Roth IRA (6,000 + 500 which is for my January 2020 contribution) and max out an HSA (3500 + 300 which is for January 2020 contribution) for 2019 before April rolls around.
I would be pulling mostly from my HYS emergency fund and my HYS travel sinking fund to invest. It would leave me 1700 as an emergency fund, which essentially equates to one month’s expenses. And of course, would work to build this back up. Is this stupid??
I am a 28 y.o. barista on minimum wage and keep my expenses low. I calculated and would be able to max out both accounts for 2020 but maybe I feel like I have to catch up for 2019. Would love any feedback and let me know if I need to provide more information.
Submitted January 23, 2020 at 08:52PM by niaosj https://ift.tt/37nykMX
