401k-Roth IRA- company doesn't have matching.....????

[palmettomoon]

And nothing about the "leaders" in Congress makes me think anyone is safe from a future retirement savings "contribution" towards a redistribution scheme to "help" Americans who weren't "privileged" enough to save for themselves. This way, everyone has a comfy retirement!

 

[Bagman]

1. limit your spending/debt - don't live above your means
2. start saving as much as you can as early as possible
3. have a plan - talk to a professional if you are not savvy regarding investing. they will also help you in determining an appropriate level of investment risk given your current situation.

 

[webicknell]

The way this country seems to be heading? I'd max my Roth first.

This can go "political" real fast..... If WH turns Left, count on taxes going up... Makes the Roth look really smart

 

[fast306stang]

That’s crazy. You gotta make decent money to be able to do that though. Not 50k a year

I disagree. Has a lot to do with what the cost of living is in your area. Lots of variables to make a blanket statement like that.

 

[eightnsand]

That’s crazy. You gotta make decent money to be able to do that though. Not 50k a year

I disagree. It’s not what you make, it’s what you keep.
Most young folks are not will to bust ass like older generations have. IMHO, But jobs don’t pay like they used to.

 

[DADI03]

no company match here

Then I would look at there investment portfolio and see what there average gains are. Then talk to some investors to see what there's are and go with something. The sooner you start the better

 

[sparked1]

So I currently have a 401K through my company. They don't offer any matching.
I also have a roth-IRA. both are set to 2050 index funds.

Is it worth me still contributing to the 401k or focus everything on the IRA? OR is it good to have both??

Read as much as you can online about advantages/disadvantages of both types of accounts to determine the best approach for your specific situation. Then create an excel spreadsheet and do some number crunching. You have to put some thought and effort into it to determine what works best or YOU when considering tax implications, access to the funds, timeframe, etc. I started when I was younger, but didn’t start contributing significantly as early as I should’ve.

I’m at a point now where I can fund my 401k (reduces federal tax) near the max, and the last couple of years I’ve maxed out Roths (tax free gains) for my wife and I (effectively doubles the annual maximum), plus I have 529 plans for two of my kids (reduces GA tax). I also have a money market at 2% where I stash “emergency” funds. I keep only monthly expenses money in a checking account and every other penny I have is in some type of investment vehicle.

You don’t have to be rich to manage your finances like they do. You just have to be informed and at least a little bit disciplined. Good luck!

 

[DADI03]

I disagree. It’s not what you make, it’s what you keep.
Most young folks are not will to bust ass like older generations have. IMHO, But jobs don’t pay like they used to.

50 k a year would be hard just about anywhere to have extra money to invest IMO. But there's definitely a keeping up with the Jones's these days that people can't seem to get past. I bought my house when I was 20 making 13 an hour. Times were very tight till I started getting raises. I never lived above my means then and still don't which has helped me out a lot. We owe less on our house than most people owe on there cars which is dumb founding to me.

About the statement "jobs don't pay what they used to" are you saying they're higher or lower? In construction they seem to be skyrocketing.

 

[jpm2953]

50 k a year would be hard just about anywhere to have extra money to invest IMO. But there's definitely a keeping up with the Jones's these days that people can't seem to get past. I bought my house when I was 20 making 13 an hour. Times were very tight till I started getting raises. I never lived above my means then and still don't which has helped me out a lot. We owe less on our house than most people owe on there cars which is dumb founding to me.

About the statement "jobs don't pay what they used to" are you saying they're higher or lower? In construction they seem to be skyrocketing.

Yeah not much left over. I don’t keep up with the Jone’s. $170,000 house and both drive 12 year old cars that are paid for.

 

[DADI03]

Yeah not much left over. I don’t keep up with the Jone’s. $170,000 house and both drive 12 year old cars that are paid for.

I wasn't trying to say you were trying to it was more of a people in general statement. FYI