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# Seeking Recommendations on Setting Up Savings

I am a 22-year-old recent graduate making $77k annually and currently living with my parents rent-free. My expenses are minimal as I only have to pay for insurances, gas, and food. I am focused on saving as much as possible to put a downpayment on a house and secure my financial future. However, I am uncertain about the best way to allocate my savings.

# Situation with Savings and Current Investments

At the moment, my employer offers a 4% match on 5% contribution into my 401(k) plan, and I plan to maximize this match. Additionally, I have a 5% High-Yield Savings Account (HYSA). I am in need of guidance on how to divide and optimize my savings.

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AI Legalese Decoder can assist by analyzing and interpreting the legal and financial terms related to savings accounts, investments, and retirement plans. It can provide personalized recommendations based on your financial goals and circumstances. The tool can help you understand the implications of various savings strategies and make informed decisions about how to allocate your savings effectively to achieve your financial objectives. By utilizing AI Legalese Decoder, you can receive tailored advice on maximizing your savings potential and setting yourself up for long-term financial success.

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5 Comments

  • AcanthisittaNo5807

    Max out Roth IRA

  • Shot-Artichoke-4106

    This is a great opportunity for you to save money and get off to a good financial start. Good on you for recognizing the opportunity and taking advantage of it.

    The general guidance for retirement savings is that you should be putting about 15% of your income into retirement throughout your working life. Starting that now will give you a boost because the money will have a lot of time to grow. Plus, now that you are making more money than you ever have, if you save 15% off the top from the beginning, you’ll never miss that money because you never had it to spend. It’s like your retirement will happen for free.

    With a $77K salary, you’ll want to put $11-12K into retirement each year. To get the full employer match, you should contribute 5% of your salary to the 401K ($3850). That leaves about $8000 left to put somewhere. I’d max out a RothIRA ($7000), then bump up the 401K contribution to include that remaining $1000.

    Whatever you have left that you can save, which should be a fair amount since you don’t have much living expenses – put into a High Yield Savings Account (HYSA) so that it can earn some decent interest. You’ll want some money as an emergency fund and then some money for a house purchase in the future. If the house purchase is more than 5 years away, once you have enough in savings for a decent emergency fund, I would start putting money in a brokerage account and invest in a broad index fund like VTI – that’s the Vanguard total market ETF. If you anticipate buying a house sooner than 5 years, I’d leave the money in a HYSA or perhaps do a CD or Treasury ladder. A ladder is just a group of CDs or Treasuries that mature at different times and then you reinvest the money – it helps smooth out the ups and downs of interest rates.

  • LakefrontFinance

    Sounds like you know how you want to split it (max your 401k benefits, pay necessary expenses, and save for a property, put everything into a HYSA). If you’re asking what’s the best place to put your savings, either putting the money into a HYSA or S&P 500 are your safest bets.

  • Few_Huckleberry_2565

    If your company offers it, go with high deductible insurance when your young to build up your hsa account

  • screamingwhisper1720

    learn about the Foo from the money guy show.