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Got a decent job when I was 29 I am 30 now. I spent most of my 20s figuring out what I wanted, going to school, working low pay jobs, paying undergrad debt of 25k on minimum wage jobs. got a useless degree so went back to school later and just paid 25k for other degree. So I started saving late. Would have loved to gotten a good job when I was 22 and started saving but it is what it is. Here is my current numbers.
Gross income: about 96k per year after taxes is like 61k take home- been working a year and a half now.
403b = 6515 = just started putting 21% of my paycheck in it.
roth ira = 12381= plan to max it out until i retire.
stocks= 40k - various individual stocks - thinking about just investing in more safe stuff like vxus or whatever you guys recommend
savings= 5k
hsa=1400
crypto= 7700 - crypto was a bit higher couple months ago but hitting a down trend atm.
overhead expenses = about 15k per year.
car is paid off, i rent an apartment, no debt atm, deathly single no gf. no girls like me so sad, but save money i guess.
goal: i would like to have optional retirement in my 40s. Just work alot less, cut my hours back and do whatever I want would be nice.
You're not as behind as you think and you're now making a good salary. While you're single without children is a good time to supercharge your assets with that good salary. If the plan is early retirement then, maybe not be too heavy in 403b. There's a Roth that you can pull your contribution or taxable brokerage.
Don't be glum on the relationship front. I didn't meet my wife until I was 33, married before 35 and now have 2 kids with another in the way by 41. The good thing meeting later was that we were both established and starting a family was less money stress. My wife's parents got married and had their first kid when her mom was 21. I've heard the stories of how it was hard for them early on.
29 is "much later in life"? That's an opinion. You've barely ticked off 10 years of a normal working life and probably have another 30+ years of that same life in front of you.
You can't go back and change the past, OP so there's no use regretting or wringing your hands over it.
Financially you are ok for a normal retirement in your late 60's.
Retire at 40. Say you live another 60 years and your annual living cost is 50,000 after income taxes. That is 3 million in living expenses. Go to some on line mutual funds and brokers and use their retirement planning software to help see how realistic you goal of 40 is. Be sure to consider inflation.
Start thinking about starting your own part time business. Either now or in your 40's.
If you do retire in your 40's be sure you know how you will spend your time.
Financially you are ok for a normal retirement in your late 60's.
Retire at 40. Say you live another 60 years and your annual living cost is 50,000 after income taxes. That is 3 million in living expenses. Go to some on line mutual funds and brokers and use their retirement planning software to help see how realistic you goal of 40 is. Be sure to consider inflation.
Start thinking about starting your own part time business. Either now or in your 40's.
If you do retire in your 40's be sure you know how you will spend your time.
I don't think I will fully retire but want to cut my work hours. maybe 16 hours a week would be nice and have my own business. What is considered normal retirement?
I don't think I will fully retire but want to cut my work hours. maybe 16 hours a week would be nice and have my own business. What is considered normal retirement?
IMO, doubtful you can have a self-sustaining business only working 16 hours a week! If its a hobby you just happen to get some supplemental income out of, maybe.
What do you mean by "normal retirement"? Age? Income level?
IMO, doubtful you can have a self-sustaining business only working 16 hours a week! If its a hobby you just happen to get some supplemental income out of, maybe.
What do you mean by "normal retirement"? Age? Income level?
I read it as cut his current work hours to 16 and have a business
Dude, you're fine. I'm in my mid 30s and most people I know, though hard working, simply don't have it together at all. 1 still lives at home, one is drowning in like $150k of student loan debt, another is only saving 4% a year with no idea about what his 401k is actually invested in and returning. Point is, most of the people I know in their mid/late 30s have negative net worth.
I only really got my ish, together maybe 5-6 years ago. We started saving a lot and got into real estate and it rocketed our net worth.
You'll be fine.
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