I really hate investing seriously lol. I wanted to tell myself the honest truth. I struggle everyday putting money in my Roth IRA and my brokerage account. I made an account and deleted it unfortunately. I currently make about $74,000 a year and I have a 457b I contribute to. I also have a pension as well. This year I'm proud of myself. I raised my $200 a month contribution to $800 a month in my 457b. I currently have about $31,000 in my 457b. Im 35 years old and I plan to retire around 65 years or younger. I purchased my first home in 2020 at the age of 29 at a 2.5% interest rate. I currently have no debts besides my home. I have no wife or kids. I personally want a pet but my schedule makes it hard for me to do so lol. My question is, do you think I will retire well of or do I need to contribute more. Do you think I really need a Roth IRA or not. After expenses, I have about $1000 a month left over. I usually spend this money on myself because I been poor all my life. I finally can eat places where I want to and enjoy myself. I finally have a computer of my own. The stress of not having to worry about where my next meal will come from. The joy of taking my first real vacation at 30 has boosted my self esteem and confidence where I feel like a different person. I also have a 8 month emergency fund if you want to know.
Investing tips for a lazy investor
byu/jamesinchicago inpersonalfinance
Posted by jamesinchicago
4 Comments
Bro you are doing better than more than half of Americans and well above general population, I’d say at your age you have lots of time left. My best advice would be to continue what you’re doing and if you want to throw more money into investments, then do it, I’d recommend letting it grow long term and don’t panic through red markets.
>My question is, do you think I will retire well of or do I need to contribute more
Why haven’t you done the math yourself? There are a million retirement calculators.
You are absolutely not on track to retire at 65 with only $31k saved and you spend every additional dollar you have instead of saving. Rule of thumb is 3x your salary at age 40.
Max out a Roth yearly. You can pull out any contributions tax free at anytime for any reason. It’s quite literally the easiest thing you can do. Put it all in a low cost etf and set automatic deposits and buys and forget about it for 30 years. Most likely you will be a millionaire at retirement. It’s perfect for a lazy good for nothin investor.
Can’t say if you can retire cuz we don’t really know your expenses. If I had an extra 1k per month I’d open an auto invest into a low cost s&p index…500(?), let your investments do its thing, wait 25 years, figure out where to retire!