
I’m 33M. I currently have $31k in my Roth IRA. I’m a graduate student, and I don’t have an option for a 401(k) plan currently. I sold my motorcycle recently, and that enabled me to max out my 2023 Roth IRA contributions plus put another $1,300 towards 2024. Part of me feels like I’m doing okay, but due to the ever-increasing cost of housing, food, insurance, and transportation, a big part me feels like I’ll never be able to save enough to retire. At 7% interest, if I max out my Roth IRA every year until I’m 65, I’ll have just over $1M in retirement savings. I know that sounds like a lot, but after inflation, kids/family, and COL increases, I don’t know if that’s going to be enough. I just feel like I’m running out of time.
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