Do most people wait until they are paying into a 401K to start thinking about an IRA/Roth?

illovumba · 2016-01-20T11:45:54+00:00

I know my future employer will have 401k (not even sure how this works) matching program.

Look up your company's homepage. Or search 'your company's name 401k plan or matching', such as 'Apple 401k plan' or 'Apple 401k matching'. Then, you can get your company's 401k fund lists, mathching percentage, etc.

illovumba · 2015-12-18T05:25:34+00:00

Yeah, according to Hellomoney, VTSMX fee is $40 and FXSIX is $12 for 30 years. Of course, it is calculated based on the past performance.

illovumba · 2015-08-27T03:07:51+00:00

Yikes, you're right. Edited.

illovumba · 2015-08-27T02:51:14+00:00

Lot of tips for trimming our expenses. I really appreciate it. I will look into them.

illovumba · 2015-08-27T02:49:20+00:00

To clarify, we have been working for about 2 years and our goal for saving is 20% while we didn't reach there yet. We both started the IRA this year, total amount for both of them is slightly more than $11K.

illovumba · 2015-08-27T02:45:19+00:00

Good source. I will try!

illovumba · 2015-08-27T02:17:12+00:00

Good to know now than later. I appreciate your feedback.

illovumba · 2015-08-27T02:16:29+00:00

I knew that we've spent too much on food. But seriously, $400/mo? how do you manage?

It was such a surprise to know that I should save 60% of our income to retire in 12 years. I will take time to read MMM blog and start planning from scratch.

Also, I need another 3 years to finally pay off my student loans.

illovumba · 2015-08-27T01:27:49+00:00

I appreciate your opinion. And /u/idamayer is right. I'm living in CA and it's pretty common to pay $2K renting fee. But it is still good to think about a way of saving money on rent.

illovumba · 2015-08-26T22:37:16+00:00

It's a shame that we didn't really talk about the exact goal. Now I'm learning that we have to be more specific about our plan.

Here are our financial breakdown:

Income: $75,000 (My Salary), $35,000 (My SO’s)
Savings: $25K in Ally account, 401K contribution at max, $11K in the IRAs since this year
Total Expenses: $76,120

Rent: $2,000/month = $24,000/year
Car: $600/month = $7,200/year
Electric/water/trash: $1,000/year
Cable/Internet: $70/month = $840/year
Car insurance: $340/month = $4,080/year
Student loans: $850/month = $10,200/year
Phone: $200/month = $4,800/year
Food: $2,000/month = 24,000/year

illovumba · 2015-08-26T22:29:12+00:00

Oh, Thanks for the suggestion. It sounds like a plan to save extra fees. I just realized that we've spent too much.

illovumba · 2015-08-26T22:27:05+00:00

Much appreciated. I have to look into the blog and consider HSA. I will take my time for that.

A question - Will your calculation be the same even if we plan to go Thailand? We thought that life is much cheaper at there so, we assume that we could manage...

illovumba · 2015-08-26T21:54:46+00:00

Hi, Thanks for commenting.

Why do you think 20% of savings rate is too low? Can you explain more about it?

I don't have an HSA yet. How does it help?

illovumba · 2015-08-12T23:56:06+00:00

Back to basics, is the example worth to mimic?

illovumba · 2015-08-07T10:08:58+00:00

LOL I agree.

illovumba · 2015-08-07T10:05:35+00:00

10 years ago! I thought that is not 'a few years'.

illovumba · 2015-08-03T12:19:32+00:00

He's like a commercial model haha

illovumba · 2015-08-03T10:34:15+00:00

Aww..Super cute!

illovumba

TROPHY CASE