{ "media_type": "text", "post_content": "32, Single and just finished all the student loans and family commitments. I have 60k savings and make 160k per year or 6200 biweekly pre tax. Can you please help understand how to prioritize savings, 401k, post tax index funds. Thanks!", "post_id": "5f8685ac25ac22001aa55b63", "reply_count": 8, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

32, Single and just finished all the student loans and family commitments. I have 60k savings and make 160k per year or 6200 biweekly pre tax. Can you please help understand how to prioritize savings, 401k, post tax index funds. Thanks!

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Read simple path to wealth by JK Collins . Great read and starting point


I was in your exact shoes 4 years back. Same salary.

This is the advice I would give myself if I could turn back time:

Max out 401k, max out HSA, and contribute to Roth IRA. Invest the rest in stocks - half in ETFs like QQQ and the other half in high growth stocks.

In that order. Might sound a bit aggressive. But you are young.


I just found out this last year that Roth IRA contribution limits and eligibility are based on your modified adjusted gross income (MAGI). Look at your W2 for that info, it’s way less that your 160k pretax income. If you max out both 401k and HSA. Your MAGI is likely to be under the the Roth limit. At least that was my case for NY.

Please tell me you’ve been putting away some money in your 401k over the years

^take as much advantage of the rest of the year as you can. And Max out your contributions next year (19,500)


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