Meet Greg
Age: 31
Salary: $63,000
Employment: Special Librarian
Greg’s main concerns, in his own words:
I have three main questions, any of which I’d be happy to discuss. First, are we saving too much for retirement (if there is such a thing as too much)? Second, if we have a solid emergency fund and no children, do we really need life insurance? Third, how do we plan our financial future when we are likely to become a two-income household within the next couple of years, but we don’t know the location or compensation? I earn $63,000/yr, take-home pay is ~$3,600/mo. My wife is working on her doctoral dissertation. Once she finishes her degree, she will seek full-time work. We are both in fairly specialized fields. We have no children, and don’t plan to have any. Debt is ~$102,000 in mortgage ($725/mo), and $135,000 in student loans (all mine, ~$445/mo, and I’m relying on income-based repayment with public service loan forgiveness). Retirement saving is ~$100,000, and adding 15% of income to 403b(b) and $5,000 across two Roth IRAs.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.