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Retirement Account vs. Saving Account

Started by Adryan R.
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A

Adryan R.

How much do you recommend saving in each account? I pay myself 10% of each of my checks. Should I split evenly between the 2 or more for one or the other?

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Elena B.

If you do not have an emergency fund, you may want to focus on that first. The general rule for emergency funds is three to six months of expenses.

As for retirement the general rule of thumb is saving 15% of your income. However if you cannot afford that at this time start with contributing up to the employer match (assuming your employer matches retirement contribution). Be sure to look deeply at the retirement plans and investments offered by your employer as they may have high fees and expenses. If your employer plans are not great you can always look at IRA (Roth or Traditional).

M

Manuel M.

I would put 10% in my savings account and 15% in my Mutual Funds Roth IRA account. What amount would you recommend?

Deleted user

I think it's all about what you can afford to do. If you can afford to put a lot of money into your retirement, then do that! If you aren't sure you can afford it, put money in savings where you can take it out in case of emergency.

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