How can I prepare myself for retirement ?

How can I prepare myself for retirement ?
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#1

I’m 29 and make about $92,000 before taxes. I work for the government, and plan on maxing out my $18,000 contribution to the Thrift Savings Plan (it’s Roth). Right now I have $28,000 saved total. My student loan payments are $900 a month, and rent plus utilities will always be a minimum of $1800 a month (DC is expensive).

My husband is 39 and makes $44,000 before taxes. Right now he’s putting in $4,400 a year to his 401(k) (this is a total of his contribution and his employer’s matching contribution) and we plan on maxing out a Roth IRA every year for him in addition to that. He has about $4,000 saved so far.
We also have almost $13,000 in savings right now that I’m not sure what to do with. This is our emergency savings and potentially the beginning of savings for a down payment. I would love to afford a home eventually, but am not sure that will be possible.


#2

Look into student loan forgiveness, working for the government you may be eligible to be done with the loans in 10 years. Shifting contribution from Roth to Traditional TSP would add more money to your check each month, while continuing to build your retirement bucket.
I would not combine emergency savings and the down payment. Open another savings account and dedicate it as the house fund. Consider putting money into this account instead of maxing a Roth, if owning a home is a goal. As a Federal employee you’re eligible for a pension, and this will help offset some of what you need to save for retirement.
Consider talking to an advisor to get a clearer picture on how you can meet your goals.


#3

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