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HSA is fine and vanguard index fund is one of the best ones out there if you are not a stock picker
Max both 401k and Roth to start
I'm putting away 20% into my 401k - I have very minimal expenses - rent, food, weekend travel. I don't drink and I don't eat luxury food or party much, so that helps cut down expenses! I save up for vacations.
I think you can't even contribute to Roth once you hit 130k... Upper middle class is a bitch
Or you can backdoor your 401k into your Roth IRA when you quit your current firm 😉😉 that's the main reason I am putting 12% at 401k right now haha
First, 6% in 401k to max Deloitte match, then $5500 in Roth IRA, then rest of your savings in your 401k. Assuming you're relatively new, making <130k
12% of 401(k).
15%
Only concern that I might have is if you are going to buy a house soon you might have to save for a bigger down payment to reduce your mortgage payment and interest, other than that, you should definitely do Roth IRA and adjust your 401k accordingly to your preference
You can roll your 401k into a traditional IRA without any tax implications. If you roll it into a Roth you gotta pay taxes on it since it's pre tax going into post tax account
I really should read up on investments more 😳 painfully ignorant on what to do with the money I'm making now. It just goes into the Vanguard retirement fund and my HSA, which is just sitting there.
D5 has it right. At 80k salary there is no reason you shouldn't be socking away 18k in 401k and 5500 in Roth every year. That kind of savings in your early to mid 20s is incredibly powerful.
D7 - First off I would say you do both. Not sure what city you live in but plenty of people can live in NY or SF on 50k (especially if you are out of town M-Th) which leaves you the other 37 to invest (and pay taxes). With that said if you were only going to save 20% the general consensus would say to do 5500 in a Roth and the rest 401k. Primary advantage being tax flexibility at retirement.
14
I was putting away 20% of 401k
401k is up to your monthly expenditure and for us we can adjust pretty easily, but I would max Roth at the beginning of the year for sure (so i can invest the money immediately)
Max 401k
There's no benefit to Roth once you top $130k, right?
You can't contribute to a Roth IRA but you should be able to do a Roth 401k
Do you have to roll the 401k to an Ira first before backdooring it to the Roth