Struggling with Retirement Savings Options and Balance Working in Academia
I (35M, single) work in academia and feel like I am struggling to set myself up for success and navigate all the unique financial aspects of being in academia. I had a lot of financial anxiety growing up and have been trying to be prudent, but feel like I am both not making the best choices and also struggling to balance smart choices with being able to enjoy life. I am mostly looking for advice on how to make the best of the current transitional period I am in.
Background about my current situation:
- Recently graduated with a PhD, on the job market for a tenure-track position (looking all over the country and internationally) but have "full time" employment for at least the next 2 years at my current institution (summer pay is not guaranteed, the rest of the year is).
- Given the variability with summer positions and off-normal payment cycle (on the academic school year calendar rather than normal calendar, some parts of the year have higher monthly pay than others), it is difficult to have a solid estimate of income (monthly or yearly). Based on recent info, I would estimate about 70k pre-tax (upwards of 85k), average monthly after-tax paycheck being ~$4050.
- Current institution is in a VHCOL area
Savings / Investing:
- 60.5k in a Roth IRA (mostly in VTI/VOO/Vanguard Target Retirement fund + a few AI-related stocks)
- 5k in a Traditional IRA (rollover from a previous employer)
- 95k in a brokerage (need to move this, the returns have been very low)
- 9k in 401a
- 3.5k in 403b
- 35k HYSA
- Through my employer, I currently have a mandatory 7% contribution from each paycheck to the 401a, but I can independently make additional contributions to it, a 403b, or a 457b.
Spending:
- I meticulously track all my spending habits. Below are highlights of my average monthly expenditures so far this year (excluding sporadic expenses like car insurance, medical/dental procedures, etc):
- Zero debt
- $70 internet + $72 Utilities
- $140 insurance (medical + dental + renters)
- $187 groceries (all generic brands, lots of beans and oats, etc).
- $57 misc house stuff (cleaning products, tissues, toilet paper, toothpaste, etc.)
- $55 gas
- After being in a housing bind last year, I moved into a 1BR apt with $2300/mo rent. This is way more than I'd like to spend, but was able to stay afloat for the year (which was the goal). I am currently exploring moving and getting roommates to bring down this cost -- though being mid 30's and single, this isn't ideal (though typical for the area).
- I never eat out, have no entertainment budget (only internet), and rarely buy anything for myself. Almost everything I own is 10+ years old (most of my clothes are from my early 20's). Truthfully, I cannot recall the last thing I bought myself for "fun" -- I view my inflated rent as taking up those funds.
With some very rough estimates, my average typical monthly expenditures (including sporadic costs not outlined above) are ~$3100, my average monthly after-tax paychecks are $4400.
Part of me feels like I am doing okay given my unique situation, but then I'll read tons of posts here that are very discouraging by comparison. So I was hoping for both some 3rd party perspectives and input on how I can best be setting myself up for success in the future. If specific questions are helpful:
-
- I have so many different retirement/savings options (401a, 403b, 457b, Roth IRA, traditional IRA, etc) and am not sure which ones to pursue/how to best do so.
-
- My brokerage account has had a VERY low return (this was a wealth manager my parents work with and I had set up when I was in my early 20's). What/where is the best thing for me to do with this?
-
- How ill-advised/stupid is it to continue with the 1BR? I know that spending >50% of pay check on rent is not tenable, but this would only be another year, maybe two, while I'm on the job market.
Posted Nov 28, 2025, 5:34 PM UTC