- April 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Overview of Current Financial Situation
Hello everyone, I am a single (29M) individual who has been diligently focusing on my investments and retirement planning for the past five years. Much of the valuable advice I have received has come from this subreddit, and I am grateful for the guidance I have found here. I am looking for additional insights on my current financial portfolio and any recommendations on areas where I could potentially optimize.
### Detailed Breakdown of Investments
– **Gross Income**: $180,000 per year
– **401K**: Currently at $153,000 with 10% contributions and an employer match at 5%
– **Traditional IRA Backdoor to Roth**: Maxed out annually with a balance of approximately $30,000
– **Brokerage Account**: Currently standing at $75,000 with $700 invested monthly
– **HSA Contributions**: Maximizing annual contributions and investing those funds
– **High-Yield Savings Account**: Emergency fund currently at $10,000 earning 5.5% interest
– **Monthly Rent**: $3,000
– **No Car Payment**: Residing in a city eliminates the need for a car payment
– **No Credit Card Debt or Student Loans**: Debt-free in these areas
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Bump your 401k up so you max it. Otherwise is all looks good. You could see if your employer offers mega backdoor Roth conversions and do that instead of putting money in your brokerage.
I’d like to see you bump up your emergency fund to about $20k or more to have enough for 6 months of expenses. Other than that, listen to previous comment about mega back door and maxing out 401k.
I would put 20k more in the emergency fund and max out 401k other than that you are doing great.