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Updated about 5 years ago on . Most recent reply
401K Options for a recent college grad
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