I’ve been in a tight financial spot my entire life. I’ve never been good with money. My
mindset has always been, if I can survive, I’m good. Ive matured a lot in the past couple of years and one of my first issues I want to resolve is to square away retirement money.
I make 68k a year, am 95k in student loan debt. I have no credit card debt or any car payment. My rent is 1400 a month. I can barely save based on my situation. I want to invest, but can only afford to invest peanuts a month.
Every month I am putting 200 into stocks, 300 into my 403b, and 150 into crypto. I work for the state (teacher) and have put in 11 years which has earned me 50% medical coverage at retirement. In order to reach 100%, I have to invest 30 years, which I plan on doing. I am 40 years old.
With my student loan debt, I’m thinking of just paying the minimum until I die. I just can’t afford that amount and it was a dumb decision that I made when I was 19……100% my fault.
Question is, what can I do differently? Thank you very much in advance.
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– [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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Ur doing it. The only thing would be a side hustle and paying the debt off before u die. Where u go to school hogwarts?
I would look seriously at your daily expenses. With that salary you should be able to save more. Review your restaurant expense, subscriptions to things, etc. If you don’t use them enough, get rid of them.
Is your student loan debt private or federal? I’m guessing private because federal loans can be wiped out by working 10 years in a public service job.
Also: $68,000/year… does that include working summers? Every teacher I know has the option of working summers at teaching-related jobs (not summer school) that pay them a nice little sum.
>Every month I am putting 200 into stocks, 300 into my 403b, and 150 into crypto.
Please say that you’re investing that $200 in stocks in a Roth IRA.
And for retirement: do you get a pension? And if yes, do you pay into Social Security?
How was it a bad idea to borrow money to get a degree that got you a job that pays you well above the national average and has great benefits and pays for your healthcare after retirement (huge) and (I presume) will give you a pension? A pension is hugely valuable. Not to mention the 12 weeks off every year?
I’m a teacher and my student debt in 2021 dollars was about $70k. I’m not in an area where teachers can make six figures and I paid it off no problem. Never regretted borrowing money for this job. And I get zero retirement health benefit.
Instead of doing straight stocks, open up an ira and invest in that. At 68000 with deduction and pretax retirement savings, I *think* your tax bracket is low enough that Roth IRA would be good. Putting money in that and buying vtsax or something would be better than crypto and randomly buying stock in a taxable brokerage.
You don’t have any credit card debt, you’re 75% of the way to having the payments for student loan forgiveness, will have 100% of your medical coverage paid for…you’re not exactly doing awful. You’re probably light years ahead of most people.
I’d wonder if there are options to increase your income or cut your rent payment. Anything you could do to dump a bit more in to retirement.
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