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Hi all. Due to scholarships and generous parents my wife and I were both able to make it through med school with no loans or credit card debt. We are now both 27 year old PGY2s, me in a 3 year program planning on a 2 year fellowship and her in a 5 year surgical subspecialty. We have excess cash coming in and I'm not sure where the ideal place to invest it is. We both max Roth IRA each year and have 30k in an ally saving account (was initially just supposed to be an emergency fund but now have just been putting all excess funds here till we figure out what to do with it). Neither of us get company match with 401k. Currently renting with no plans on buying a house till done with residency/fellowship. She has disability insurance (seemed more important for her since in a surgical field), I was planning on waiting till last year of fellowship though I'm sure ppl here will rec to go ahead and get it now.
After all expenses we probably have around 1k extra each month and not really sure where the best place to put it. As I see it, our options are 401k (in a low tax bracket now so not sure how beneficial), taxable investing account or continue to save in ally savings account. Will eventually need a down payment for a house in around 3-4 years but I imagine the amount we could save for that as residents could be made up in 2-3 months of attending salaries so was leaning toward investing the extra money but wasn't sure if 401k or taxable account was better while we are in low tax bracket. Any advice is appreciated.
After all expenses we probably have around 1k extra each month and not really sure where the best place to put it. As I see it, our options are 401k (in a low tax bracket now so not sure how beneficial), taxable investing account or continue to save in ally savings account. Will eventually need a down payment for a house in around 3-4 years but I imagine the amount we could save for that as residents could be made up in 2-3 months of attending salaries so was leaning toward investing the extra money but wasn't sure if 401k or taxable account was better while we are in low tax bracket. Any advice is appreciated.
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