nickarmadillo
Confused about dryer sheets
Hi guys! This is my first post. Just looking for some simple, general advice on retirement planning.
I'm 27 and have finally begun saving for retirement, as my first couple years after business school weren't the greatest. I was working in a struggling family business and only took in $28,000 and $35,000 in 2011 and 2012, respectively.
I'm single (girlfriend of 8 years, but not married) with no children and my current gross income is $45,000 annually. I live in St. Louis, MO and plan to marry within the next several years and have one or two children by 32. She is an elementary school teacher and lives in the UK. She will likely be emigrating to the US soonish.
Despite my poor earnings, I've saved hard (calling me a penny-pincher would be an understatement - I practically live off canned food and do all of my shopping in thrift stores) over the years and aggressively paid off my debts.
My assets are as follows:
$57,739.88 cash/savings/checking/short-term bonds/money market
$9,279.15 profit sharing retirement fund
$20,044.65 Roth IRA
$3,860.00 automobile equity
$20,525.54 home equity
My only liability is a mortgage with a remaining principal of $115,149 and a monthly payment of $505.55.
Is this a good start? As a basic guideline, how much should I be saving and putting in retirement every year (I've heard 15%, but considering my low income, should I be saving more)? My work doesn't offer a 401k, so where should I be putting my money besides my annual Roth contribution? Is there potentially a better way to distribute my assets? Thanks. I'm new to all of this, so any advice would be greatly appreciated.
I'm 27 and have finally begun saving for retirement, as my first couple years after business school weren't the greatest. I was working in a struggling family business and only took in $28,000 and $35,000 in 2011 and 2012, respectively.
I'm single (girlfriend of 8 years, but not married) with no children and my current gross income is $45,000 annually. I live in St. Louis, MO and plan to marry within the next several years and have one or two children by 32. She is an elementary school teacher and lives in the UK. She will likely be emigrating to the US soonish.
Despite my poor earnings, I've saved hard (calling me a penny-pincher would be an understatement - I practically live off canned food and do all of my shopping in thrift stores) over the years and aggressively paid off my debts.
My assets are as follows:
$57,739.88 cash/savings/checking/short-term bonds/money market
$9,279.15 profit sharing retirement fund
$20,044.65 Roth IRA
$3,860.00 automobile equity
$20,525.54 home equity
My only liability is a mortgage with a remaining principal of $115,149 and a monthly payment of $505.55.
Is this a good start? As a basic guideline, how much should I be saving and putting in retirement every year (I've heard 15%, but considering my low income, should I be saving more)? My work doesn't offer a 401k, so where should I be putting my money besides my annual Roth contribution? Is there potentially a better way to distribute my assets? Thanks. I'm new to all of this, so any advice would be greatly appreciated.