Everywhere I read that I should be saving 20% of my gross income for retirement. Where does all at money go? I've maxed out my 403b, 457, backdoor Roth IRA and stealth IRA. I'm also putting away 1K/month for son's 529, and put 10K/month toward 2 mortgages and my student loans. Have 50K in emergency funds. Not sure what else I can do to save money, especially for retirement.
This 20%, does it include paying down debt? Should I put less down on debt (Min payments only 6K) to increase my savings? Where would this money go?
I thought I was doing well until I tried to figure out my retirement #. All the calculators online say that I need to save more. Just looking for advise from the collective wisdom. Thanks.
This 20%, does it include paying down debt? Should I put less down on debt (Min payments only 6K) to increase my savings? Where would this money go?
I thought I was doing well until I tried to figure out my retirement #. All the calculators online say that I need to save more. Just looking for advise from the collective wisdom. Thanks.
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