Novaxterra
Dryer sheet wannabe
So I am back to the forum after posting last year and I really had to clear some debt up to even be thinking about saving and retiring. I get a tad depressed after looking at some people's numbers because I feel like i am going to be working until I'm 80!!
Well, I have pushed hard and have paid off all of most of my debt and really need some advice! My apologies if this isn't the right place to post.
My current salary (Gross) 93,000 and I rent in Northern Virginia. After taxes I net about 5400.00 a month.
After my bills and budgets (Gas, food, Etc.) I am left with about 2,300.00
Now, here is where I am stuck. I am a contractor(W2), I don't have a 401K through my employer but I know I need to set one up.
I was going to call Vanguard and open an account, but should I open IRA or 401K? If one or the other, which one do I open and how much should I contribute.
I do understand the pre- and post tax differences so no need to explain that. I am trying to figure out what account I should contribute to and how much I should send from my paycheck. When I called Vanguard, they were standoff-ish and wouldn't really help me figure it out.
As a side note- I own a small business that is registered and I pay taxes on that nets me about 1,000 a month.
Thanks for all of your help in advance!
Well, I have pushed hard and have paid off all of most of my debt and really need some advice! My apologies if this isn't the right place to post.
My current salary (Gross) 93,000 and I rent in Northern Virginia. After taxes I net about 5400.00 a month.
After my bills and budgets (Gas, food, Etc.) I am left with about 2,300.00
Now, here is where I am stuck. I am a contractor(W2), I don't have a 401K through my employer but I know I need to set one up.
I was going to call Vanguard and open an account, but should I open IRA or 401K? If one or the other, which one do I open and how much should I contribute.
I do understand the pre- and post tax differences so no need to explain that. I am trying to figure out what account I should contribute to and how much I should send from my paycheck. When I called Vanguard, they were standoff-ish and wouldn't really help me figure it out.
As a side note- I own a small business that is registered and I pay taxes on that nets me about 1,000 a month.
Thanks for all of your help in advance!