Hi all. Big fan and relatively new reader. I have a couple of questions regarding saving. I'm a new attending 1 year out and starting my first big boy job in a couple of months with 401k, etc. I'll be making around $170K with $310K debt ($285 school, $25 car). Here are my questions.
1) with a savings rate of 20% ($34K per year), how am I able to reach after I maximize everything (18K in the 401k (not incl match), $5400 in backdoor IRA, ~$3500 stealth IRA equals $26.9K)?
2) I know the 401k employer max is $18K but the overall contribution limits are $54k. Should I be looking to maximize that side as well? I am planning on incr my savings rate once I put off my loans to about 40% for catch up and early retirement so am a little lost as to where to put it if I'm maxing everything out.
Thanks in advance!
1) with a savings rate of 20% ($34K per year), how am I able to reach after I maximize everything (18K in the 401k (not incl match), $5400 in backdoor IRA, ~$3500 stealth IRA equals $26.9K)?
2) I know the 401k employer max is $18K but the overall contribution limits are $54k. Should I be looking to maximize that side as well? I am planning on incr my savings rate once I put off my loans to about 40% for catch up and early retirement so am a little lost as to where to put it if I'm maxing everything out.
Thanks in advance!
Comment