Background: Single, no dependents, male in their early thirties. No debt or loans. I live in a walkable city, so I don't own a car. My employer reimburse my transit pass, so I take public transportation.

    Note: Do not plan to have kids nor do I want to buy a house. I will rent indefinitely.

    Current monthly net income: $3,000 (After a $1,000 pre-tax contribution to a 457(b) retirement account)

    Expenses:

    Rent&Utilities: $1,600.00

    Gym Membership: $109

    Food&Supplies: $500

    Total Monthly Expenses: $2,209

    Current balance in checking account: $5,000

    Current balance in 457(b) – $10,000

    Current liquid savings in a CD @ 3.5%: $20,000

    I work in the public sector, so I get 5% merit-based raises every year until I max out my cap. That will take five years and I just got my first 5% raise.

    My Salary range: $5,110.00 – $6,500.00

    Every 5% raise, I will increase $200 to my 457(b) contribution until I max it out at around $2,041.00 a month, which should get me to the $24k annual limit.

    I save my monthly surplus and would occasionally use it as a vacation or "guilt" spending.

    My main questions:

    Am I in a good position? I don't plan to invest in a Roth IRA because I feel like I would have enough for retirement given that I will have SS, Pension, and my 457(b) retirement account.

    My investment is mainly in my savings (CDs) and my 457(b).

    Trying to figure if I am managing my finances "correctly" Would I be able to retire comfortably if I don't invest in a Roth IRA?
    byu/Kaffiendtol inpersonalfinance



    Posted by Kaffiendtol

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