Single 31 year old 55k per year income 6k in a 401 k (I put 15% & company puts in 10.5%) 6K in a Roth IRA 40K in the bank 300k in home equity Zero debt outside of mortgage balance.
A little backstory. After undergrad I moved back in with my parents and worked full time while my company paid for graduate school. I didnt contribute to a 401k at the time as the company didnt do a company match until two years in (the match was 2%) so I just saved for a down payment on a house. After a year of working post grad school and a year of living in my home, I quit my job and took a year off.
The job market sucked at the time and I couldn’t find a decent job. Looking back, I shouldn’t have done that. After a year, I settled for a job that paid decent for 2 years but had zero benefits. I quit that job 8 months ago and found a job with a company that is promising. The benefits are great but I’ve only started my 401k\IRA 6 months ago.
Realistically am I screwed for retirement because I didnt start compounding interest until 31 or can I turn this around? Any advice is appreciated.
Submitted April 15, 2022 at 06:47AM by sponsoredbybutter https://ift.tt/4aAu2Uo
