{ "media_type": "text", "post_content": "First person in my family to have a corporate job so I don’t have anyone to ask these questions. I’m wondering how much I should put into my Roth 401K? I currently have it set for 18% of my monthly paycheck. Is this enough? I’m 23 years old, first year on the job. Any advice is appreciated! Thank you", "post_id": "609a90cc19b2bb002a68e160", "reply_count": 17, "vote_count": 4, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

First person in my family to have a corporate job so I don’t have anyone to ask these questions. I’m wondering how much I should put into my Roth 401K? I currently have it set for 18% of my monthly paycheck. Is this enough? I’m 23 years old, first year on the job. Any advice is appreciated! Thank you

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As much as you can afford. You’ll not regret saving for retirement

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Spread your potential max contribution over the full year so that you don’t feel constrained by the 18% (if applicable) The company probably has a max percentage- 18 is ample in my opinion Congrats and best of luck 🤞

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Also if applicable sign up for a High Deductible health plan, open a HSA and start putting some money in Balance saving with paying off debt and student loans

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Health Savings Account is like a savings account, where you would be eligible if you pick a high deductible health plan. The company usually gives some money annually because of the health plan you picked, lower monthly premiums as well The money you put in. HSA is like a savings account and contributions are pretax. You can also invest the cash in an index fund, save for future health needs etc. Fderal max is around $7.5K

You should have three lines of assets: 1. 401k so the most you can afford to contribute 2. Have a mutual fund where you can automatically deposit like $100/mo 3. Something equitable like property but since you are young, just put away a set amount every paycheck in savings so you can buy something. I am in the same boat as you, first to go to college and have a corporate job.

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A market-tracking ETF is about as autonomous as it gets and usually cheaper than MFs

Dave Ramsey- says strict 15 percent - check his channel for more financial advice. His methods are more conservative and safe if you take that path.

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Thank you for the resource! I will check it out

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