{ "media_type": "text", "post_content": "Nearing 4 yrs of work in US and 7 years overall - single F only have 70k in savings and 16k in 401k ; no other investments - feeling scared that I am not saving enough", "post_id": "5bc86179055a5400122cb577", "reply_count": 26, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Nearing 4 yrs of work in US and 7 years overall - single F only have 70k in savings and 16k in 401k ; no other investments - feeling scared that I am not saving enough

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Stop going to brunch

likefunny

Save 50%? Where do you people live? If you make $120k in Boston your post-tax-benefits-401k barely crests 6 Grand. Saving half of that after rent and student loans ain’t happening.

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You’re not saving enough. Compounding requires time to work its magic - you need to save as much as you can early on. Review your spending habits and aim to save/invest 50% of your after tax take home

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We are not your therapist

likefunnyuplifting

So save more. Aim for at least 15%

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OP you arw still in top 5% (if not higher) in the nation. You are fine and remember-you can't take all that you ll save to your grave wheb your time comes

likeupliftingsmart

Your numbers don’t add up. 132K base but 48K take home. I smell fake news

likesmart

How the heck you are you left with 4k post tax monthly with 132 base? Taxation is theft, but c'mon....

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1. Op, change your 401k to at least 16% roth + pretax. Your choice of split. Will be difficult at first but after a couple of paychecks you learn to manage with what you get every paycheck. I've been with the firm for 3 years, started to put in 401k since 2 years. Now its almost at 30k. 2. Of the remaining paycheck, make sure to calculate and save 20%, invest 30% and spend 50% But you are not in a completely bad spot op. I've been working 3 years. And i dont have any savings. Just some investments less than 10k. All the best! You can do it. Plan from the next paycheck and change your contribution now in 401k. Hit me up if you want to talk further. burnerpdp@gmail.com. nothing to be scared about.

helpful

OP, explain your spending habits or where you are spending most of your post tax money. You’re not saving enough, but it’s not too late. Definitely still have time to make some changes and speed up the savings. Good luck!

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Stop Going To Brunch

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Pwc1 - you are right I was thinking bi-weekly when typing - it’s 6k post tax. And 2k Rent - leaves 4K - should try and save 3k from this I guess ?

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15% of the pretax ?

Financial Analyst 1 - Very funny!

To give more details .. first 2 years major spend was 1500 Rent per month and installments for for 65k student loan. Lived paycheck to check and did not make any 401k contributions then. I finished my loan in dec 2016. Was earning 105 base and 15 k bonus pretax for those 2 years. I now earn 132 k base and 20k bonus pre tax , 401k started at 6% and now it’s 10%. Major spend now is rent again at 2k per month and 1k( travel, food , lifestyle)

P1 - save 50% ? Can you help me understand some ways I could do that. I had 1500 rent and student loans for 2 years. Now student loans are done but with 132 base - 4K is post tax monthly - 2k rent. I am left with 2k for saving and expenses

Your cash savings are good, but your 401k savings are short. Increase your 401k % to 15% for at least a few years and you’ll be fine.

Seems pretty darn good to me. Over 10k per working year and youre just getting started!

S1 - BLAH!!!! 🤯

S1 not fake was thinking bi-weekly and typing monthly

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