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Updated over 5 years ago on . Most recent reply

User Stats

11
Posts
6
Votes
Nils Hay
  • Rental Property Investor
  • Pataskala, OH
6
Votes |
11
Posts

401K Options for a recent college grad

Nils Hay
  • Rental Property Investor
  • Pataskala, OH
Posted

Hello Everybody,

I will be starting my first job after college tomorrow (1-20) as a Structural Engineer. I am wondering how much I should be saving into my 401K/Roth. I can save a max of 25% of my $5,500/m paycheck (pre-tax number). I am starting out living at home so my only costs right now are car payments/insurance which is about $500/m if you include gas. My plan is sometime during the 2021 calandar year to purchase my first duplex. A few questions are:

How much to save and into which account type? 

Any problems that would come with maxing my contributions to my 401K when looking to buy a home next year?

Would you recommend borrowing against my 401k later to help purchase the home?

Any other tips or advice you have for somebody starting out. 

Thank you!

Nils

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