24 year old teacher, planning advice needed
I am a 24 year old teacher and I am trying to figure out if I am on the right track and how much i should be saving/putting into retirement. I make 36k a year, (2k a month for 12 months taking out tax) in NC currently. Next year I am moving districts so I will be making 39k. I have 13k in my savings account, I finished paying off my loans a year ago. My monthly expenses are between 1-1.2k rent and all. I have a 401k with 92 dollars and a 457b with 83 dollars, I have been putting in 10 dollars a month to each for the past few months just to get started. I travel a lot which adds up to be 2-4k a year give or take. My car is old, and I eventually would like to buy a house. My SO is almost in the same boat he is even a teacher just less in savings. My question is how much should I be putting into retirement, should I get rid of my 457b? I am not even sure the difference between that and the 401k. Also, should I work the summers and cut back on traveling? I am going to Iceland this spring and Japan in the winter, was thinking about being an au pair in Spain for the summer. Is 1k enough to save in a months time or should I try to save more? edit:grammar edit 2: no matching offer on 401k
Posted Feb 25, 2016, 12:38 AM UTC · edited