I’m 29. I have $1,000 in my checking account, $3,000 in savings and a $20,000 emergency fund. Am I doing OK financially?
I am 29 years old, with $1,000 in my checking account, $3,000 in savings, $25,000 in my Roth IRA , $20,000 in my emergency funds, and no debt. I just started investing, I still don’t fully understand how it works so I decided to pick a robo-adviser instead of delaying my efforts.
I don’t think I’ve ever set money aside for small goals so I just focus on retirement and do my best to catch up. My savings and emergency funds haven’t been funded lately as I focus solely on retirement. Is this normal or should I just move my $20,000 emergency fund to a high-yield savings account and just let it be? Am I doing well financially?
We all start somewhere, and where you are at the moment is a damn good start. People in their 20s and 30s are paying off student debt — the nation currently owes north of $1.6 trillion in student loans — living frugally as you are and saving for a home and, we hope, not planning to put all their hard-earned money toward a $20,000 wedding. It feels like, and often is, a time of running just to stand still.
To answer your question: Yes, you’re OK. Yes, you’ve got the right idea by saving and living below your means. Remember, more than half of Americans don’t even have three months’ worth of expenses in a fund. And, yes, it’s a good idea to put some of your emergency funds into a high-yield savings account, one where there is no penalty if you choose to withdraw it, or a CD or money-market account.
A 401 with an employer match would be ideal, and it’s worth asking when you move jobs whether that company offers one. Still, Roth accounts are suitable for people such as yourself starting out in their careers, when their salaries — and tax brackets — are relatively low. You are investing after-tax dollars, but you withdraw it tax-free in retirement.
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