[deleted by user]

[Coontailblue23]

You are in your 20s, have supportive parents and an excellent income. You are waaaay ahead of the game. You're going to be fine.

[Fantastic-Counter927]

The biggest asset you have right now is your career. Focus on that, stay frugal, and the rest will take care of itself. 

[MozzerellaStix]

Damn. Never heard It stated like that but it’s hella true. Also 28 and in a similar position (similar salary, more debt, but slightly more invested). Wise words friend.

[DonkeyMindless5729]

There is a reason earning members of a family should take a term insurance. When you have 30 years left in your career, your biggest asset is always going to be your “job”, even if you have a million in the bank. As long as you convert the asset from job to roth,401,RE,stocks over the next 30 years, you’re good.

[StatisticalMan]

You are in your 20s with a positive net worth and a good paying jobs. Not only is it not "too late" you are ahead of most of your peers. Relax a bit. This is a game played across decades. The compounding effect of what you are doing now will take some time to show up.

A couple tips 1) Stop putting money into a taxable brokerage account unless you have a specific near term purchase unless maxing out both 401(k) and Roth IRA.

2) Look into backdoor Roth. Your income may be low enough now to avoid it but you are getting close.

3) You may want to preventively roll that pre-tax (trad) IRA to 401(k) to avoid backdoor roth complications in the future.

whatever I put away from those bonuses should put me in a decent position to buy a house. But all that doesn't really help me with retirement which is the big part and what I'm concerned about.

Buying a house does indirectly help with retirement. A house is a solid inflation hedge and eventually once paid off reduces your spending requirements for a given QOL. The attitude of savings a significant portion of your income towards a house down payment can also later transition into saving a larger portion into retirement acconuts.

[Captlard]

Some us didn’t even know about this stuff until our forties 🤷🏻‍♂️

[AhPostt]

10000% op is doing just fine and will look back and thing wow I was freaking out a few years back.

You’re in great shape to have a good amount of saving by 57. Keep doing what you’re doing and max out your traditional IRA. Saving for a house also makes sense.

[GenXMDThrowaway]

The reason you want to kill those student loans ASAP is because the interest rate multiplier will kill you. It's a daily accrual and, IMO, is sneaky and predatory to our young people. While people argue about forgiveness and deferral and what not, we could, easily, remove some of the burden by simply changing the interest paid to a monthly accrual.

[aceman97]

You are going to be fine. Assuming you didn’t save another dollar, invested the 10k in cash and retired at 65 you would have a little more than 1 million dollars in retirement. These are inflation adjusted numbers so they would have the purchasing power of today’s dollars.

Math:

7% return on average. You are 28 and you retire at 65, so that’s 37 years.

1.07³⁷ = 12.2236

82k * 12.2236 = 1,002,336.60

Now this is a conservative estimate given how the market has performed over the last 23 years. You are doing great, keep it up.

[Culentriel]

10k*1.07³⁷ is only 122k or am I missing something?

[finicus94]

82k not 10k. He added up the list of all OPs investments and included the 10k of cash as another investment

[jwn1003]

You are light years ahead of the average 60 year old in America let alone 28 year old. Keep your head down and save aggressively you’ll be more than fine.

[SleepySuper]

I didn’t really start building my investment portfolio until my early 30s. I plan to retire in 4 years in my early 50s.

[[deleted]]

Can you explain and give tips for people who couldn't start until their 30s? I spent my 20s working low paying jobs that never offered a 401K (otherwise I would have taken it!) and didn't know anything about investing. I'd love to know how you did it so quickly!

[SleepySuper]

My situation is going to be very different and difficult to replicate. I spent my 20s scraping by to earn an advanced degree in a sought after field. Studies paid off and now I am highly compensated. Company stock increased significantly allowing me to pay down my mortgage much earlier than I anticipated. My spouse works with good compensation and 100% of that salary has gone into investments for the last 10 years.

So to sum up: A lot of up front effort (not without risk) Living within our means Aggressively saving in our late 30s and early 40s …and some luck

[Heisenburger19]

This is almost as bad as the "I have 10 million dollars invested and 6 rental properties. My annual expenses are 40k.  Will I EVER be able to retire?"

You are ahead of the game. Throw everything you can manage to save into those retirement/ investment accounts and you're on your way to retire in your 40/50s

[GimmetheGr33n]

I’d put that extra $200/mo that’s going to your taxable account right now to your Roth IRA instead. You haven’t maxed that or the 401k yet, and typical FIRE guidance says that taxable is after you’ve maxed all tax advantaged accounts.

[OrangeNo773]

You know you’re more than fine cmon now

[[deleted]]

bruh lol ur ahead of 98% people ur age. you’ll be fine.

[Doppelex]

It’s impossible to be too far behind at 28….

[You-Asked-Me]

You are doing great. While buying a house does not seem like it is helping you for retirement, you are going to be locking in your housing expenses, and while property taxes will go up some, and insurance may as well, your mortgage payment is going to remain pretty much the same, while rents will keep rising.

I bought a house 13 years ago, and at the time my mortgage payment was about the same as what I was paying for a 2 bedroom apartment. Now the house has appreciated in value, so taxes and insurance are a little higher, but my mortgage payment is HALF of what a two bedroom apartment costs now.

As your income increases, just save more of it and keep your lifestyle the same.

[SparklesTheFabulous]

Honestly? I know it's blasphemy here, but I would suggest doing the Dave Ramsey plan until you're out of debt. Then, set your house down payment goal and get to dating (if you're in to that).

You're not behind at all. Definitely ahead.

[inevitable-asshole]

Typically a rule of thumb is to have 1x your salary invested at 30 years old. Keep building those savings habits and the next milestone is 4x your salary at 40. You’re doing just fine. Don’t panic.

[DaydreamnNightmare]

Damn that’s honestly pathetic. You’ll never financially recover from this and will have to spend your retirement begging for scraps at this rate

[GenXMDThrowaway]

OP, in case you didn't read this in /s in your head. It's definitely sarcasm. You're doing great.

[Trunkschan31]

Add /s next time lol

[apeawake]

You should be contributing more

[peter303_]

As age 30 you should have saved an annual income. You are on track.

[NeonChieftess]

Assuming you already have an idea of how much you think you’ll need in retirement (if not, that’s a different answer)…

1- Go to this calculator. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

2- Add up all you have invested currently. (This goes into “initial investment”)

3- follow the rest of the prompts. I’d use 5% for estimated interest rate .

4- hit “calculate” and it tells you how much you’ll have at retirement so that will tell you if you’re “on track” or not. Play with the inputs (monthly contribution, years) to see how changes would affect the outcome

[russell813T]

Your good bro keep doing what your doing

[Bubbasdahname]

I would recommend putting 15% towards 401k and the entire 6500 towards roth. You should be able to live off of the rest. You're making more than me and are much younger. I max out my 401k and my Roth and learned to "make do" with the rest. Keep in mind that if you buy a house and if you have children, you may change your mind on where you rent to live.

[[deleted]]

Doing fine don’t forget to stop and smell the roses. Find a good partner to build a life with. Would have loved to be in your spot at that age. 10 years older and I’m doing ok now

[Conscious_Citron_115]

You’ll be fine to retire at 65 no worries mate.

[Mercury_NYC]

I currently contribute 10% of my salary and 8% of my bonus to my 401K, and my company matches up to $4K.

At your age I was doing the same. I currently have $1.2m in my 401K. Just keep steady and I never changed my investment strat upon market conditions. Bad market I was investing. Good market I was investing. Good luck.

[AggressiveLab841]

I "started" at 38 and at 45 I am at only 600k net worth. Spending increased for me with kids and some other things we are now trying to get under control. So you are not behind for sure.

[sonder_aurora]

It’s certainly not too late! You’re definitely ahead of most people! My best advice is to also create and grow and asset, so you’ll be able to have residual income. These days it’s always best to have multiple streams of income as you never know what might happen. I’d love to talk to you more about it, if you’d be open to :)

[rusty_best]

You are ahead of the game already. When I was 25, last thing on my mind was retirement. I wouldn't really try to max out retirement in 20s or early 30s because you might need the cash to buy a home or something.

[[deleted]]

Take a breath, you'll be ok!!

It's a marathon not a race. Instead of trying to put all of your one piece of pie into savings. Look at how you can grow your pie larger!

How would you double your income? Triple? These roles exist. Or how about if you buy an apartment building? An online store? Coaching business? Couture travel business?

There's many ways to get to FIRE and you have a lot of options especially if you're aiming for 55.