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23, and I’ve been struggling with this as well. I aim to save 1000 per month after 10% 401k contributions. 500 goes into my Roth and 500 goes into my HYSA. I’m curious to see what others are doing because it feels like I’m going at an insanely slow pace.
Ah gotcha friend, yeah I had the luxury of no debt and have only made about 10k contribution to family the first year, I think once you hit 115+ you can max + save + pay down debt and help a little, for now your current plan seems good
My view is that since we are relatively high income earners at this point (90-140k), you can probably accumulate your down payment within 1-2 years once you decide you want to go for a house just by redirecting your 401k, Roth, and other investment allocations. In that case, you’d redirect the $50k/yr you are putting towards retirement, towards a down payment instead. This way you can still benefit from compounding interest on the years leading up to this period, rather than feed a growing gap between HYSA and the market.
Also gives you more flexibility if you ultimately decide to defer buying a house or some other life event happens, you won’t have 50-150k sitting in HYSA collecting 1-2%
Pro
Do a ROTH IRA and you can use the money you need toward a down payment (you can pull out the principle for the first five years penalty free, principle and growth can come out penalty free after 5 years).
I’m 23 and in the boat of PwC1 — I would max out my IRA and 401(k) under the presumption that I can divert future earnings to saving for a down payment.
However, I am living at home now, and that’s a savings cheat code. I’m maxing my IRA and 401(k) as well as saving $2k/mo for debt repayment or a down payment. Just paid off my car, and will now be diverting that money to a property.