- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Addressing Retirement Savings Concerns for DINKS Under 30
After realizing we were not saving enough for retirement, my partner and I, dual income, no kids (DINKS) under 30, are seeking suggestions on how to improve our financial situation. We enjoy spending money on various things but recognize the importance of planning for our future.
One solution we are considering is hiring a financial advisor to guide us in making wise investment decisions. However, the idea of managing our finances more independently is also appealing.
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In this situation, using the AI Legalese Decoder can be beneficial. This tool can help simplify complex financial terms and concepts, making it easier for individuals like us to understand and navigate the world of personal finance. By using this decoder, we can gain a better grasp of investment options, retirement planning strategies, and overall financial literacy, ultimately enabling us to make informed decisions for our future financial security.
### Improving Spending Habits and Focus on Retirement
We have decided to forgo hiring a financial advisor and instead reallocate our funds to prioritize retirement savings. By reassessing our monthly expenses and cutting back on non-essential purchases, we aim to increase our contributions towards retirement savings. The support and suggestions from our community have been invaluable in helping us make this important financial decision.
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If I understand this correctly, you (combined) are earning $174,108 gross salary, plus an additional $45,948 in untaxed benefits (I am not sure what this entails). But you are contributing $6,000 a year to your Roth IRA and $2,040 a year to your 401k. How much do you have in retirement savings right now?
You need to be contributing at least $34,740 annually ($2,895 monthly) to your retirement accounts to retain a similar lifestyle in retirement as you have now.
I’m assuming you have the savings to knock out the home improvement debt, what are the details on that?
Also $170 a month Combined(!!!!) is insane are you shitting me
Making roughly $240k a year and only putting $170 a month into a 401k? Biggest face-palm ever.
you have 3k unaccounted for? All of that should turn into retirement. Ouch. You are way behind. Your husband is a contractor and needs to open up a solo 401k or other vehicle. You don’t need roth at these incomes you need more traditional.
The fuck is “miscellaneous spending”?
It’s kind of insane that you’re grossing more than $200k with no kids and still barely putting anything in retirement. Those accounts should practically be getting maxed out at this point.
“Miscellaneous spending” being the largest single category here is pretty concerning, and telling. Your first step should be to find out exactly where every dollar of that is actually going. Then, find out what you can cut down. Then put those savings toward retirement, invested in broad indexes. You don’t need a financial advisor for this.
Don’t take this the wrong way, but you don’t make nearly enough money to warrant a financial advisor. A couple of index funds/ETFs, DCA consistently, and you’re fine. Wouldn’t even look at an FA until at least $500K/yr. Going to get recked on managment fees.
Miscellaneous spending is the largest line item! 😳 Also, y’all are spending $1500 a month on food. We spend about that much and are a family of 5, and we eat well, so that seems very high to me.
I know you’re not technically living paycheck to paycheck, but you’re a great example of living paycheck to paycheck, which doesn’t always mean making minimum wage. How do you spend so much on miscellaneous???? And so little on retirement. Wild!
This tells me very little except you have a spending problem. Net worth is what’s important, assets minis liabilities and how much are you keeping over the long term. Misc spending of $4k is just silly. Get your spending in order, stop buying bullshit, up your 401k and roth contributions. My ex wife and I were JUST LIKE YOU. No kids, dual good incomes, LA, trips, nice restaurants and mini vacays all the time, revolving car payments. Then we had a kid, and another, and then got divorced and then Covid. I got serious about personal finance during that shit storm and even after all that, 2 kids, expensive divorce, I’ve got a net worth of $500k, no debt. It’s possible but you’ve gotta buckle down. Kids will literally break your finances. Good luck.
Honestly it still looks like you are doing better than my husband and I was when we first started making better money. So I think you are well on your way to doing retirement. I’m currently trying to pull my shit together and buckle down. Best of luck on your journey!
That’s pretty solid monthly income. Unless you’re in a VHCOL area, you can definitely boost your savings with some lifestyle changes.
What is “Savings”? Unless that going into an emergency fund, redirect it to retirement accounts.
Figure out how to reduce your misc spending. There are no details, but that prob where you’re going to find more to save.
Your mortgage is hefty. Sometimes it is what it is and/or it’s worth it. But it does seem to be flirting with “high”. Again, no idea if you’re in a VHCOL area. Prob not though going by your food budget.
Why do you have 3000 going to “savings” but only 670 going to 401k/IRA(s). Is that saving for a short term goal of some kind
Hi OP I am a similar age and income.
For you guys, I would save $3500 in your 401ks and then you guys can have the leftover $3500 for fun money. $3500 is still a lot of fun money every month and I is a reasonable limit.
Sorry to be blunt here, but you do not need to HIRE a financial advisor. You earn a lot of money, but you are spending a lot of that money. $3k to savings is good! But you just need to focus on reducing your $4k/mo misc spending, up your retirement contribution, invest that in whatever S&P 500 index tracking fund that your retirement institution lets you do, and then focus on clearing up your debt.
Your shovel is HUGE, the last thing you need to do is pay someone a bunch of money to tell you to get on a budget.
……uh
It doesn’t make sense for you to save $3k a month. Throw it all in a 401k. What are you saving the $3k a month for? A house? Is it for emergencies? Is it in high yield savings account? Don’t let it just sit in a bank without a purpose.