chrisfromcuba
New member
Hi,
I’m a 24 year old nurse and my income for the 2022 year was $86k.
I just received a raise where I will be in the 24% tax bracket for the 2023 year.
I currently have $28k in private student loans and approx. $40k in government student loans.
I have a private loan for my car, approx. $12k.
I currently have $7k in a savings account and my monthly expenses are approx. $2.2k (including loan payments).
I have just spent the last year and a half building a credit score and have met my goal, yay! And now have 3 months of living expenses in my savings account for emergency funds.
At this point, I think I’m ready to start investing. However, I do have a ton of student loans (I may have to start paying the government loans after the grace period this year) and this will change my monthly expenses throughout the next few years.
My job currently provides a 403b, but from my understanding this would not be a good idea for investment as I plan to leave this job in 2 years and they do not match contributions.
So, I was looking into rIRA and tIRA. I plan to go back to school, an expected raise of income to around $120k at least depending on NP school or CRNA school once I pay off my current private loans.
Doing some research, expecting a raise of income throughout my life, the rIRA makes more sense because of my change in tax brackets and potential for future 401k investments after a job change.
Is this correct? Is rIRA my best choice right now?
Are there any other things I should look into to meet my goal of a reasonable retirement age? (50-60 y.o)
Do you see any mistakes I may be making with my financial choices so far?
Thanks in advance!
I’m a 24 year old nurse and my income for the 2022 year was $86k.
I just received a raise where I will be in the 24% tax bracket for the 2023 year.
I currently have $28k in private student loans and approx. $40k in government student loans.
I have a private loan for my car, approx. $12k.
I currently have $7k in a savings account and my monthly expenses are approx. $2.2k (including loan payments).
I have just spent the last year and a half building a credit score and have met my goal, yay! And now have 3 months of living expenses in my savings account for emergency funds.
At this point, I think I’m ready to start investing. However, I do have a ton of student loans (I may have to start paying the government loans after the grace period this year) and this will change my monthly expenses throughout the next few years.
My job currently provides a 403b, but from my understanding this would not be a good idea for investment as I plan to leave this job in 2 years and they do not match contributions.
So, I was looking into rIRA and tIRA. I plan to go back to school, an expected raise of income to around $120k at least depending on NP school or CRNA school once I pay off my current private loans.
Doing some research, expecting a raise of income throughout my life, the rIRA makes more sense because of my change in tax brackets and potential for future 401k investments after a job change.
Is this correct? Is rIRA my best choice right now?
Are there any other things I should look into to meet my goal of a reasonable retirement age? (50-60 y.o)
Do you see any mistakes I may be making with my financial choices so far?
Thanks in advance!