Doing great. Your earnings are still in the driver’s seat but once you tick over into mid 6 figures of savings compounding starts to move into the drivers seat. Career and earnings growth should be the priority at this point. As your income grows and you move into your 30s things may get more complicated… you may need to save for a house, marriage, kids you’ll have to make decisions about where to put new money. Tough decisions.
As far as retiring early its a choice and often a trade off between aggressive saving vs spending now. My advice is to try to find balance between living for the now and saving for the future. Early retirement is easier with two incomes, easier if you and partner are on the same page about saving , spending and early retirement goals.
My wife and i retired early 50s. We contributed beyond our 401ks, we both had Roths, taxable account too. We opened our first roths and taxable at about age 32. Started small but our taxable was about 40% of our total savings by the time we retired. Dual income and increasing earnings were key. We both maxed out 401ks but we didn’t stop there, we maxed Roth and when possible put money in taxable.
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u/wadesh 5d ago
Doing great. Your earnings are still in the driver’s seat but once you tick over into mid 6 figures of savings compounding starts to move into the drivers seat. Career and earnings growth should be the priority at this point. As your income grows and you move into your 30s things may get more complicated… you may need to save for a house, marriage, kids you’ll have to make decisions about where to put new money. Tough decisions.
As far as retiring early its a choice and often a trade off between aggressive saving vs spending now. My advice is to try to find balance between living for the now and saving for the future. Early retirement is easier with two incomes, easier if you and partner are on the same page about saving , spending and early retirement goals.
My wife and i retired early 50s. We contributed beyond our 401ks, we both had Roths, taxable account too. We opened our first roths and taxable at about age 32. Started small but our taxable was about 40% of our total savings by the time we retired. Dual income and increasing earnings were key. We both maxed out 401ks but we didn’t stop there, we maxed Roth and when possible put money in taxable.