I’m 29 and have $181k in savings. Should I be doing anything differently?
Hi all, I’m 29F with $181k in savings. I have been working since I was 17 years old, and am very fortunate to have received a full scholarship for college. I currently make $84k, live with my parents and contribute $800 towards rent, and have approximately $550 in monthly personal expenses.
Monthly, I contribute $300 each to both my parent's Roth IRA accounts because their salaries don't allow them to save much for retirement. I’m enrolled in my employer’s 401k plan (5% match), and have recently opened a Roth IRA and have been contributing the maximum allowance.
Below is a breakdown of my savings and retirement funds:
- $68k = HYSA at 3.5%
- $105k = CD at 4.3%
- $8k = spread across checking accounts
- $24k = employer 401k
- $15.3k = Roth IRA
Should I be doing anything differently to maximize my savings? I do not anticipate large expenses (e.g., buying a house, getting married, etc.) for at least another 5-6 years. Any tips or guidance would be very helpful and appreciated - thank you!
EDIT: Thank you for the helpful comments and resources so far! Some additional context - all the funds in my Roth IRA have been invested (mostly in S&P 500).