I am 25 and don't have any debt. the only bills I have are my phone, insurance and rent which is very low. I want to know how much I Should contribute and why. my husband and I are planning on having children in 2 years. I want to know how much I should contribute and why? How does it affect my income tax if say I contribute 10%.
Thanks!!!!
Contribute what you feel comfortable with. I don't think it's realistic to take anyone's advice on a certain dollar amount. Meet with more than 1 financial specialist to get all of the details to aide in your decision. It's great that you're not in debt, try to keep it that way and you'll develop a strong foundation for that family you plan to start. I wish you and your husband the Best!
beauty
max it out into a Roth IRA, put the money into a Large Cap or Mid Cap Mutual fund Roth IRA. have them take out a specific monthly amount from your checking account to get a jump start on it for life! it is easy to save in small pieces… hard to hand it out in large sums!
Soccerref
There is no "right amount" Step one is pay off all debt. Step 2 is 8 months worth of Emergency Fund. Step 3 is investing if you don't plan on saving for a house. At this point, put in what you can do each month… whether it's 10% or $100/month