I'm 29 with a good job at $66k a year. Rent out a room in my house with a roommate paying $650 a month plus about $150 in utilities.

    House payment: $1,520 (mortgage, property tax, and home insurance), 6.5% interest. 29 years left on the mortgage.

    Contribute about $335 a month to 403b with an automatic 8% from the employer (so I give about 6% and they give me 8% regardless). Retirement balance is about $29k at the moment.

    Federal loans are $65k at 245/month with RAP and I plan to go for PSLF. Paying off an HVAC that is 0% until March 2027, but paying $625 a month has it paid off by February.

    Save around $600 a month on average (some months are $1000, others are $200). Monthly expenses on a non-weird month are about $1,400. Take home pay is $3,900.

    HYSA is at 3% APY and has about $29,000 in it.

    1) Am I on track retirement wise?

    2) I want to eventually get a second property. Don't know which one I will rent out yet. How much money should I have saved if I want a second property?

    Am I on the right track at age 29 with savings and planning?
    byu/WhitePaperWritings inpersonalfinance



    Posted by WhitePaperWritings

    2 Comments

    1. Successful_Hold_9048 on

      Most guidelines say you should have 1x annual income saved in retirement accounts. You’re behind and should increase your contributions.

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