Retirement Planning
Hi all, I wanted to start a thread regarding retirement planning from the POV of an analyst (age 22, base 110K) and how you would best advice to go about this task. I am not a big spender and want to budget off this amount only as best as I can and use my bonus to buy real estate. Also, bonuses tend to be a bit variable so I plan to not include this in my calculation as 6 figure base should be ideally enough to afford me a decent lifestyle in a MCOL city w/ no state income tax.
Going line by line through a personal income statement, my first question is, in the high-finance industry do most professionals prefer to go with a traditional 401k or a roth 401k? I know there's advantages to both and as a result, I would love advice on which to start contributing to. I know it is difficult, but I plan on contributing the full allowance (23k in 2024).
From there, after taxation, I plan to again contribute to my IRA (Roth for 7k max). After that I was wondering how much you guys would recommend to spend on major line items such as rent, monthly car payments, groceries, entertainment, gym, groceries, food, etc.
Would appreciate any advice regarding this matter. Thank you so much!
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