Im 31. so im investing 23K/year essentially. My networth is around 300k. Can i safely blow my entire paychecks on leasure (after bills/401k) and not save a dime going forward? I already have an emergency fund of about 100k in stocks.
My breakdown is
100k in 401k
100k in property
100k in stocks
5k cash
10k/year to property and 13k/year to 401k. Is that enough to retire?
byu/TonyHawksRival ininvesting
Posted by TonyHawksRival
7 Comments
No
There are tons of investment calculators online. Go find one, set a retirement target you’re comfortable with, and use it to build your plan. You could even do this in ChatGpt.
We can’t set your retirement goals for you.
If it’s in stocks it’s not an emergency fund. Emergency funds don’t involve complicating your tax return or forcing yourself to sell something you wanted to hold on to, or selling something at a bad time. Emergency funds are cash you can transfer same-day to your checking account without taking any losses or incurring any fees.
What’s you’re retirement goal, also no
You are missing your expenses in retirement and age at retirement. Given those numbers could solve this with math.
Increase your 401k, you’re overpaying taxes. You’re only reducing your taxable income by 13k per year (less if you’re foolishly including company match in that 13k).
The difference between what you reduce vs what you could reduce is you overpaying taxes.
Stocks are not an emergency fund, but if you keep adding weekly there is nothing wrong with selling to pay for something urgent from time to time.
Do this all your life and you won’t have money issues.
You’re doing great by the way! Keep it up!!
you’re gonna need some liquidity <cash or investments> outside your retirement accounts in a taxable account in order to pivot into retirement without issue.
Money for your emergency fund….plus money available for major purchases like a new vehicle.