- April 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Reevaluating Financial Goals and Strategies in Investment and Retirement Planning
I have recently decided to start investing and saving for retirement at the age of 37. While I am eager to reach a savings goal of $100,000 within the next 5 years, I am questioning if I am being too aggressive in my financial approach and if I should consider reallocating my funds.
Current Financial Status and Allocation
At present, I am following a modified version of the 50/30/20 budgeting rule, with my allocation leaning more towards 50/15/35 due to my frugal spending habits. With an annual post-tax income of $34.5k and a gross income of $43.7k, I have managed to accumulate $9,000 in a High-Yield Savings Account (HYSA) for emergency expenses. Additionally, I have $28,000 spread across two investment accounts – a Roth IRA and a taxable account.
Moving Forward with Investments and Savings
After covering all my expenses such as bills, utilities, rent, insurance, internet, streaming services, and groceries, I am left with $1,200 each month. I am uncertain about the ideal amount to invest, considering that I have already maxed out my Roth IRA contributions for the years 2023 and 2024. As a result, I am considering implementing a dollar-cost averaging strategy for the upcoming year.
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Adjusting for Emergency Expenses and Long-Term Goals
I am contemplating the amount of buffer I should maintain for unexpected expenses and where I should allocate this reserve fund. Initially, I planned to deposit the surplus $1,200 into my taxable account each month. However, I now consider reducing this amount to $1,000 and diverting $200 into the HYSA to cover unforeseen events such as auto repairs, veterinary visits, dental treatments, and similar expenses.
Planning for Housing and Future Investments
Furthermore, I currently rent a property for $800 per month and am undecided about whether to continue renting or shift my focus towards saving for a down payment on a house. I am also contemplating pausing contributions to my Roth IRA in favor of prioritizing the accumulation of funds for a potential property acquisition. Although I anticipate inheriting a house in approximately 30 years, I am evaluating my options for immediate housing solutions and long-term investment opportunities.
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3-6 mo of expenses in emergency funds is ideal.
Sounds like you’re on track! Since you’re gunning for that 100k, stash some extra cash in your HYSA for rainy days, then divvy up the rest for investments and maybe a bit towards your house fund. Gotta balance those short-term needs with long-term goals, ya know?
You are in one of the lower tax brackets so funding the Roth now is important…especially if think you will be in higher tax brackets in the future. I would split 50/50 between Roth and saving for a down payment. Before you take the plunge into home ownership, know that it is not always a great idea unless you plan to stay put for 5-7 years. You can’t always count on short term appreciation and the costs of buying, selling, and maintaining a home can be significant. Renting my be your best option.