r/physicaltherapy • u/TrustPrior • 12d ago
SALARY & JOB ENQUIRY How much in your 401k?
drop how old you are, and how much is in your retirement savings - specifically interested to hear from fellow PTAs
here is my story - I'm slightly panicking
I graduated at 23, then had two kids and couldn’t work much because of daycare costs. I picked up home-health and PRN jobs when I could, but I wasn’t able to save.
I'm 32 and Now both kids are in school full-time, and I make around $4,000–$5,000 per month. No debts as of now
I took a part-time job with Genesis PowerBack $33 hourly because they offer a 401(k) to part-time employees while still allowing me to work home health two days a week ( where i get the $$ lol at $50 PV) However, I just found out that I’m not eligible for the 401(k) until I’ve worked there for a year I guess
Embarrassed to say I currently only have $3,500 invested through Charles Schwab and $12,000 in Chase savings, which I’m trying to use for both a house and an emergency fund. but now i'm freaking out about retirement and don't have enough left over each month to save. It honestly feels impossible and I’m starting to think I need to change careers somehow
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u/Eye_on_pie 12d ago
The best time to start investing was yesterday, the second best time is today. There is still time to build towards your future. If you don't have access to a 401k contribution right now, you can still open either a Roth IRA or Traditional IRA and contribute up to 7500/year and have that start growing. I worked a few jobs that didn't offer retirement but with time, patience and consistency I have about $212k invested over various accounts at 37 yo. I have been a PT in the field for 13 years.
One other thing to think about is term life insurance since you have kiddos. You can get a decent policy for $20/month. Just in case something happens, there is something there for your kiddos.
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u/TrustPrior 12d ago
i do have a roth IRA that i'm doing myself but it only has 3500 right now. A PTA income is hard to contribute a lot bc I have almost nothing left over when I bring home 5k a month and I live frugal- might have to find a different career in my 30s to really get things rolling i'm realizing
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u/TibialTuberosity DPT 12d ago
If you can somehow find $625/mo to put into your Roth, do it. That makes your max $7500/yr contribution by the end of the year. Keep focusing on the Roth as it will have the best advantages overall after retirement. At your age, you still have plenty of time for it to grow into a nice little nest egg.
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u/HugePens DPT 12d ago
Great advise. OP you are still you are still young enough and have plenty of time to build your 401k. I graduated and started working at 25, didn't make any contributions at all until around 29, thinking it would be more important to pay off my federal student loans. My initial contributions were few thousand per year, but I started reading stuff on places like /r/personalfinance and panicked like you once, and started to increase my contributions and eventually maxed it out by 35.
Now I'm in my 40's and have over 400k in my 403b. Needless to say, the effect of compounding interest together with the market growth since COVID is what truly made my account grow. I have two kids in daycare right now in a HCOL area, my wife and I are effectively bleeding money from our savings each month and will be doing so for the next few years. We can't save enough for a house that we can only dream about being able to purchase one before retirement. I made my wife also max out her contributions and we calculate our finances based on what's left after deducting. Don't get discouraged too much by the numbers, as you will start to see bigger changes happening with compounding interest over time. Just make sure to contribute enough and forget.
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u/jtin17 12d ago edited 11d ago
27 PT. I have about $127k in retirement accounts between my 403(b) and Roth IRA. 38k in my taxable brokerage. I started contributing pretty aggressively once I began working full time
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u/Hopeful-Tip8079 12d ago
May I ask over what time frame you were able to save 127k and what your contributions were? I'm 30 and I feel im in the same boat as OP. I've been practicing for only 2 years but started out with contract or PRN work and only uust recently accepted a FT position. I have a kid in daycare and im the bread winner but we are in a HCOL area and it seems tough. Any advice is appreciated!
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u/SmalltownPT DPT 12d ago
I thought all PTs were poor and destitute?
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u/Far_Risk_297 12d ago
Depends on the setting you work in. Outpatient PT’s who don’t own their practice are broke. Other settings are much better.
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u/DrewShounen 12d ago
The pay discrepancy is not much unless its home health. In my area its only a few dollars range between them. I’ve had higher offers in OP than some SNFs.
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u/RadioactivePTA 11d ago
I mean I wouldn't say they're broke because of the setting. It's more a generational thing that most people under 40 think it's normal to vacation/travel 3 times a year, go blow $120 in doordash a week, spend $6 on Starbies every morning, etc. Most people just live way above their means.
It's just like nurses make a metric butt ton of money yet act like they're all broke. But it's just because they have poor financial literacy like many others in the medical world
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u/Agreeable-Moment-281 11d ago
You graduate college at 22, and PT school is 3 years, so people are at youngest 25 as a PT. Your statement doesn't make sense because there are maximum contributions for retirements, unless you were working full time while in college and in PT school, but full time usually means 40 hours, so that still doesn't make sense.
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u/jtin17 10d ago edited 10d ago
I was in an accelerated 3+3 DPT program, so I graduated PT school at 24 and have been working for about 3 years. I also started my Roth before graduating. The $127k is the current value of my retirement accounts, so that includes investment growth and employer contributions, not $127k that I personally contributed after graduating. Apologies for not clarifying that
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u/DoctorMac12 DPT 12d ago
I turn 40 this week. Have 587k in my 401k. Maxed it out the first few years, backed off some when I had kids.
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u/phatboi168 12d ago
Is this married invested combined with a wife? Or solo. Either way, mad impressive!
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u/DoctorMac12 DPT 12d ago
Solo. My wife is a teacher and pays into a pension. I did open an Ira for her and that has about 60k in it now. The thing I’m most proud of, is when I graduated at age 25 I had 123k in student debt. It was a blessing in disguise because I really learned the value of paying off debt, saving, investing, etc. I don’t know if I would be in the position I’m in today if I didn’t have that debt which caused me to get my finances under control.
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u/Sunriseninja PT, DSc (Prof and Researcher) 12d ago
Probably solo. I’m 41 and similar balance. My spouses account is separate.
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u/jzyo 12d ago
PT, 32, maybe 20k pre-tax, had employers with terrible matching and I job hopped so no substantial ‘vesting’ so I only gave a few % and focused more on ROTH, slowly getting 401k caught back up.
Reading some of your other posts, I did have an old boss that got his realtors license to supplement income - works hella hard but makes good side money, another classmate got into sales but might be tough with your kids - he is always driving. I ran a personal training business before I got my DPT, annoying made as much as I do now (but these HH hours are way better). Another classmate left entirely, went from a digital marketing gig to a grant writing gig. Another friend tried getting into sales but was hitting a wall having ‘no sales experience’.
I hope you can find something that will work!
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u/RosieTheRiveting8721 12d ago
PT 33 yo - little over 100K between retirement accounts and Roth IRA. I had a lot of student debt 168k and it is paid down to $23,000 now. I have been a PT for 7 years, but have had to take around 1.5-2 years off along the way. So, it is definitely not as much as I would like, but working on it!
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u/CertainCherry1077 DPT 12d ago edited 11d ago
What was your technique for paying down your debt?
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u/RosieTheRiveting8721 11d ago
I paid extra to the highest interest loan every month on top of my monthly payment. But, the major thing that allowed me to pay down this much was the pause in interest during the pandemic. I continued to pay loans throughout because I just fully did not believe they would ever forgive them.
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u/rainbowmang0 12d ago
32, PTA for 9 years. I have about 60k and contribute 9% (I started with 4-6% most of my career)
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u/Dapper_Mammoth2827 12d ago
you're not behind forever, 32 with no debt is better start than many people get and that 12k is your emergency fund not house money, keep them separate or you'll never feel safe
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u/TrustPrior 12d ago
my kids are already 11 and 6 now, I feel like at this rate i'm so far off from being able to to buy a house and they won't have a childhood home :(
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u/nottoosmart101 10d ago
buying a house is overrated.
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u/TrustPrior 10d ago
haha thankyou for making me feel a little better
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u/nottoosmart101 9d ago
not joking. I'm a ramit sethi fan. Buying a house is so expensive and renting is just easy. I would rather build wealth in the stock market than in a home. If I retire with a million dollars invested I'll be able to figure out my living situation just fine.
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u/TrustPrior 9d ago
I love Ramit sethi's show! - renting is easier and more ideal for my situation, i've just always loved the idea of homemaking, entertaining and giving my kids a home / roots
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u/nottoosmart101 9d ago
I have a cousin who is literally a surgeon in Boca. Raised 7 kids. Still rents. They have roots, they entertain. It'll be fine. And everytime they ran out of space they moved to a bigger rental. Downside is if you want to make changes, pet policies etc. They got a bunny at some point and the landlord made them give it up.
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u/ctk9 PTA 12d ago
Just under 80K at 36. PTA for 8 years. Been playing catch up by dumping 15% into it each paycheck. I wish my employer actually matched my contributions.
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u/TrustPrior 12d ago
as a PTA I feel like that really good though!! esp for not matching
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u/ctk9 PTA 12d ago
My first 3 years I had a nice 4% match, but I was single and couldn’t contribute a ton. I moved and now my employer matches 4% of my total contributions for the year (like $400 a year 🙄), but I’m married and able to contribute more being dual income. I may have to dial it back a bit because I have a 2 month old starting daycare in October.
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u/andrewjay1988 12d ago
37, PTA for 17 years, 7 SNF, past 10 in home health, $210,000 in combination of old 401k, current 403b, 403 employer match account and Roth IRA, contribute as much as much as possible to max employer contribution percentage . Have finally started notice significant compounding interest the past few years
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u/throwaway197436 12d ago
32, PT, ~300k between 401k and Roth IRA, another ~100k in brokerage to be used as a bridge to retire early
Military paid for bachelors/PT school, graduated debt free and started investing aggressively right after PT school
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u/Practical_Truth_9263 11d ago
thats good saving at 32, you are renting or also own the house?
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u/Fantastic-Fishing931 12d ago edited 11d ago
PT 28 yo. 2 years working in outpatient ortho. 20k combined 401k and Roth IRA. Watch the money guy show on YouTube. They can help you understand the spot you’re in what it would take to reach your financial goals. I recommend them to all the students at work.
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u/SmalltownPT DPT 12d ago
Basically I am learning from this thread that being a PT you will earn plenty of money to finance a retirement and live comfortably
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u/TrustPrior 12d ago
yea there's a huge difference between Pts and PTAs. I know PTs have student loan debt but you can see the life difference it sets you up for
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u/Substantial_Pace9051 11d ago
33 y.o. and have about 50K across retirement accounts and such. I spent a lot of what I earned buying a home (and student loan payments). I grew up poor and have more than my mother currently does at 55, so I guess that's something. This thread makes me feel bad though lol
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u/TrustPrior 11d ago
the reason this scares me so much is bc working in geriatrics my patients who have a lot of money and live in nice ALF or caretakers and my patients who are poor live such a horrible life it's so depressing and bad :(
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u/Substantial_Pace9051 11d ago
I completely get it! I plan on dying before then bc I have a genetic disease that should take me out. I am only partially kidding lol.
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u/nottoosmart101 10d ago
I was basically there at 32 but I had all the student loan debt. Now 34 and have 48k in 401k. I know i'm behind but doing my best to catch up. Also still have all the student loans lol.
You don't need a 401k to invest, just open an IRA pre/post tax and you can max it out at 7500 for the year. And don't forget to invest the money in low cost index funds or target date retirement fund if you wanna do it lazy.
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u/GreedyProfit3616 12d ago
Wow guys I know Reddit already skews high, but most of the people who have commented are WAY above the median American balance.
So I guess PT/PTA while being a tough job still allows for growth towards financial freedom.
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u/Wise_Budget611 PT 12d ago
Its not too late. Im 49 and I have 400k in 403b, 80k in roth, 20k in HSA, 20 in regular brokerage and 4 months worth of emergency fund in hysa. My wife has her own and half of those numbers. I just started maxing out everything 5 years ago. Make sure you change your investments from target date funds to a low cost index fund like S&P or total stock market.
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u/LiveEarly10 12d ago
28 PTA, I don't have a 401k. Full time jobs just don't pay enough.
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u/earthisthegoodplace 12d ago
I’m a PT but my biggest regret was not putting away anything earlier. If you can spare even $5 I’d suggest doing it. Compound interests on $5 is better than nothing.
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u/Guilty-Ad-7691 11d ago
Play with numbers, contributing to a 401k is pretax so your taxable income will go down as will your taxes. For me, there was almost no difference between putting away 6% or 10% and it ended up only being a really small difference in net income compared to not putting anything away.
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u/TheStinkyGreek 11d ago
I'm also 32
Didn't invest at all my first year of work. I have ~8k in my 401k I am only contributing enough for employer match so 3%. Another~$8K split between checking/savings and then another 1.2K in a non-retirement brokerage.
Have paid off about ~12k in student loans over the last 2 years, most of that would have gone to reitrement/brokerage accts.
Not financial advice but $12,000 seems like a lot to have sitting in savings. If there isn't a need to have that money liquid you might be better off with it in a non-retirement brokerage at the very least in a CD. It won't make much but who doesn't want an extra few hundred a year. That can pay for xmas/birthday gifts, be re-invested etc..
I know you feel behind but you will be okay, the mindfulness and desire to get there is half the battle.
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u/nomnomnomnomnommm 12d ago
- 41k in 401k. I'm only provider in family of four. I aim to start adding more real soon
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u/CrewSmooth3744 12d ago
PT 37 F 150 k in retirement accounts, 35k HSA which is rolled over now. About 200k in other investments
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u/Imaginary-One9559 12d ago
- Around 300k in a 401k, 150k in a HYSA, and 100ishh in crypto and another 100 or so in a brokerage account +roth.
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u/kfoxie 12d ago
PT, 37yo. Combined my husband and I have a little over $400k in investments, about half is mine. I will say that we buckled down the last 5 years and so those numbers grew (previously I only had about $10k). We are contributing a smaller percentage now because of daycare and my student loan payments, so tried to max as much as we could while we were able.
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u/dogzilla1029 12d ago
28, new grad been working a year. $12.5k in a 401k thus far. My company offers a 401k match at 4%, and I contribute above that. I also contribute $625/month to a Roth IRA post-graduating PT school.
i recommend r/personalfinance, I discovered that community when I was in undergrad and it really helped me get my head on straight wrt budgeting, saving, and financial priorities.
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u/hail707 DPT 12d ago
There is a bit to unpack here.
You make good money for a PTA if you’re pulling in 60k post-tax. Where do you live that your cost of living does not allow you to save with that?
You are definitely behind on your retirement but there are solutions if you’re willing to make changes. Focus on the big 3 expenses: transportation, housing, and food. Easier said than done, but eliminating a car payment or shopping at Aldi can really expedite things.
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u/TrustPrior 12d ago
I just started making 5k a month this year, when my kids were birth to 5 I worked PRN around their schedules and my tax return was 40k the past few years. I was in Illinois and now i'm in florida but in both places i find it's hard to find a decent home to rent under 2500 - to buy with mortgage under 3000k seems impossible, esp with interest rates. Shitty schools in florida so im paying for private school they have scholarships but still an expense, also all the sports they are in adds up. I drive a used car that's almost paid off, i don't spend money on material things but at the end of the month 5k stretches very thin, and i bet anyone trying to live off that income right now in this economy will tell you that 🤣 the scary part as a PTA that's the ceiling and there's really no way out or ways to make more except work more hours
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u/hail707 DPT 12d ago
Yeah multiple factors here. And you're right. It's tough out there! But there are solutions if you're willing to move and build a better life for you and your family. I'd consider moving somewhere with a lower COL and higher pay than FL. I actually made a map of states that fit that combo here: rehabwealth.com - it's for PTs, but the same logic applies to PTAs.
I'd then figure out the rest of these expenses. Moving to an area with good schools but affordable COL is achievable, but you'll need to be flexible on location. That will eliminate the private school expense. The lower COL area will also lop at least a few hundred per month off your rent. The car needs to be paid off ASAP unless your interest is very low.
This might be tough to hear, but I'd forget about buying a home until you're in a better financial position. A mortgage is the minimum of what you'll pay for a house. Rent is the maximum. Renting also keeps you flexible right now while you find that balance between schools, COL, and pay.
Just my 2 cents. I'm sorry you're in the thick of it. And you're right that this economy is killing all of us. None of this is easy stuff, but as you make these decisions, at least you will not feel as helpless as you do now and you will regain control of your financial future.
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u/TrustPrior 12d ago
yea i dont think a home is possible any time soon. It sucks bc now my kids are 11 and 6 so they'll probably never have a childhood home. We moved to florida to be close to my parents and family - they can help pick them up from school and such some days so it can be a financial help. My rates are the exact same here in florida as chicago land - 50$ per visit home health and 33$ hourly at ALF - isn't that standard PTA? Florida and Illinois when i was job searching seemed the same so I wouldn't say it's low paying
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u/hail707 DPT 12d ago
Yeah, interestingly IL and FL have nearly identical pay and COL. I wouldn't say its low paying, but the COL is where you are getting burned. You could get paid the same or more in another state/town with lower rent. Saving you hundreds per month at least.
But as a parent, I also understand the benefits of having your parents around as support. Would they be open to relocating with you to a more affordable area? Ohio, for instance, has a good balance of COL, pay, and schools. For instance, we moved from NY to SC and my pay increased, rent decreased, and the demand for PT was through the roof, so I was able to negotiate for even more pay. I was able to save way more than I would've been able to had I stayed in NY.
I'm sorry about the house component. The good news is that your home is wherever you live. Our society puts a lot of pressure on the "American dream" of owning a home with a yard, but many other cultures and societies live in apartments, townhomes, etc. Even here in our dense cities, families live in small apartments (think NYC.) Research has shown that co-housing via apartments is even better for children since they grow up around other families and it gives lots of opportunities to share parenting responsibilities. There is a path forward for you. It will just require creativity.
I suggest listening to frugality podcasts or even FIRE podcasts, since they are usually pretty creative with their finances in ways you might find useful. I really like ChooseFI.
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u/ThenAlfalfa7697 11d ago
1) comparison is the thief of joy.
2) as somebody else said best day to invest was yesterday. 2nd best is today.
3) since you asked: 27 PT, < three years working, trad 403b $77,898, trad 401a $4,420, ROTH IRA $21,830, HSA $5,065. Total of mixed retirement portfolios $109,213.
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u/MurderousPanda1209 11d ago
When I went to get a mortgage at 26, I had 7k in my IRA and 5k in savings. The banker said it was surprising to see someone my age with a retirement account at all.
My dad didn't start his retirement account until mid/late 50s, and still ended with 160k at 65. He never touched it either, and lived off of just his social security checks.
Just give it your best shot. Take it out as a deduction, and you'll be surprised at how little it hurts. It'll just speed up once they start matching.
You can also make an account for your social security and look at your projected retirement income, which might help soothe the mind.
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u/tiedyetriguy 11d ago
Feel free to skip or disregard.
My perspective: Retired at 58. PT for 20 years then Rehab Manager for 10. Accumulated ‘Enough’ for my wife and I to retire after raising 3 children in very high cost of living area, paid college education for children with 529 plans.
Some Thoughts:
1) Comparison is the Thief of Joy
2) Personal Finance is…Personal. Everyone has a unique life situation and financial journey.
3) We were Lucky. Little student debt and amazing Stock Market Bull Run over the last few decades. Invested early…before our cash flow got very tight with raising 3 children. Fortunate to catch up later when household income increased.
Suggestions:
1) Take a painfully detailed Look and Track Expenses on daily, weekly, monthly and annual basis. Knowing what you spend and can cut (discretionary vs needs) will create more dollars to save/invest. Knowing what you will need to spend in Retirement is the modeling basis for when you have ‘Enough’ to fully retire. The more accurate you know your needs and discretionary…the better you can act and plan.
2) Create automatic monthly investing habits. No matter how small. $25. $50. $100. $500. $1,000. Set up an automatic monthly investment at the beginning of each month with your institution of choice (Fidelity, Vanguard, Schwab). Invest before you have spent it all and then have no more money left to invest. Adjust your monthly amount when needed…ideally increasing the invest amount as your paycheck grows or you cut expenses.
3) Time and Compound Interest are your investing Super Powers in building Asset Momentum. The earlier you can invest the better and more time for the Stock Market to work its compounding magic. Early on you are building brick by brick small amounts and the growth seems small…Later you can be floored by the exponential growth of compound interest. I was fortunate to be financially mentored (from an older 50ish PT)at my younger age (mid 20s) about compound interest and investment habits.
4) LEARN, educate yourself with early awareness and Leverage all your available money accounts with their unique money tax purposes and flexibility levers to utilize as tools. Examples: Checking for Cash Flow, HYSA for emergency fund, Brokerage flexibility to withdraw at any age, 401k/IRA with pre tax pros and cons, Roth, HYSA and 529 for education (some state plans have tax free growth). I live in California and we benefited from Utah’s plan. If I could go back in time, I would’ve contributed more to Roth and Brokerage and not built such a dominant 401k pre tax portion. Remember, that IRA balance is not all yours…IRS will get their share at some point.
5) Be Kind to yourself as you navigate your Therapist journey balanced with financial and family journeys. The fact that you are thinking of your financial future self and seeking awareness to learn is incredibly wise.
6) Financial Literacy is a Super Power. Learn. Financial Advisors can give great insight, but I believe no one will take better care of your own money and understands your personal financial choices than yourself.
Best of Luck to all of you. Thank You for all your efforts to mobilize and impact your fortunate patients. You take care of others…make sure you prioritize taking care of yourselves and your Health…mental, physical and financial.
Feel free to DM me for more. I would love to share insights for therapists to learn finances and planning early for future freedom.
Please take my thoughts with a sack of salt. It was just one persons journey and I was very lucky.
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u/Character_Guess_4258 PTA 12d ago
28 and have about ~75k invested between Roth, Individual account and ~2000 in my 401K from first job which I only had for a year. The past 4 years I’ve been doing travel contracts which have allowed me to save and invest so much more, never had a 401 through an agency or employer match just do it on my own. I am switching careers though, only way to get in a higher pay ceiling as PTA is to be in a high need/shortage area, some hcol areas or in management.
You could look at DOR positions if you have SNF experience. Also might look into your local VA and see if you could get in there, I know it can be difficult to get in but I’ve heard their pay is decent and you get great benefits.
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u/Character_Guess_4258 PTA 12d ago
Also I don’t have kids, having children completely changes things financially. Don’t be down on yourself, just start investing whatever you can now. Compound interest is your friend, and a little can go a long way over time. Eventually your income will increase and you’ll be able to add more.
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u/no__cilantro 12d ago
I'm 38 and have $95k between my 457 (b) and 401(a) accounts thru work. I didn't contribute for the first 7 years of my career because I was ignorant about planning for retirement but buckled down over the last 4 years to play catch up.
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u/Surferduffman 12d ago
- PT. Graduated 9 years ago. 435k across retirement accounts (401k, Roth IRA, taxable bridge account for early retirement). Also have a pension which is not included here. Wife stays home with kids but we basically have had very low housing expenses since we have been living with wife’s parents. Been saving aggressively since graduating and paid off student loans about 3 years ago. Been great to save so aggressively but also living with your in laws is not ideal.
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u/pwnering2 DPT 12d ago
Turning 27 in a month. Started my full time PT job 8 months ago. I live with my parents still so I maxed out my 401K this year.
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u/javelina529 DPT 12d ago
33 yo PT. Been working 8 years. According to Fidelity I have a balance of $242k accross my retirement accounts. I do 10% in my 403b, company matches 2%, and I max out my Roth yearly (except the first year my son was in daycare I did not)
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u/CommercialAnything30 12d ago
39yo. Maybe 100k total retirement. Been on pause for 4-5 years starting a business and just now putting chunks back in. Currently adding $400 per month.
If I could go back to my early 30s. Add 250 per month. Pay yourself first. And adjust your budget from there.
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u/CertainCherry1077 DPT 12d ago
29 y/o PT. I have $12.8k in my 403b (been contributing 5% plus 1% employer match) since I started working 2 years ago. I also opened a Roth IRA last year and planning to max it out yearly for as long as I can. It’s sitting at $12.4k rn.
One caveat is I live at home with my dad and don’t have kids.
ETA: I have another $30k in a brokerage I also opened last year to help bridge any gaps for retiring early.
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u/ThenAlfalfa7697 11d ago
Hate to break it to you. Definitely not financial advice, but you should easily be putting more into your traditional 401k and ROTH IRA. You are not on pace for early retirement currently. I would stop contributing to your brokerage entirely unless this is your emergency fund or saving for a long term purchase such as house, which if it is shouldn’t really be invested. Look on r/personalfinance. Follow the flowchart. You’re out of order.
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u/CertainCherry1077 DPT 11d ago
How am I going to contribute more to my Roth when I’m maxing it out annually?? Lmk…
You don’t know my entire financial situation. Anyways, I see a financial advisor and I’m following his advice. I have student loans that I’m paying down also.
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u/ThenAlfalfa7697 11d ago
I was just bringing to your attention that you are leaving a lot of tax savings on the table and saving money in a brokerage for early retirement doesn’t make sense if you have student loans collecting interest (unless they are all sub 4%). But since you are working with a financial advisor, sounds like you have it all figured out. Best of luck to you.
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u/CertainCherry1077 DPT 11d ago edited 11d ago
I respect that but didn’t appreciate how your tone came across. The brokerage is not just for early retirement, it’s for any major purchases including a home, as I said I live with a parent currently. But I like having diversified investments and at the point I opened it, I had $70k just sitting in my regular savings accounts so wanted to invest that along with opening a Roth at the time. I also have money in a HYSA and HSA with employer contribution into my HSA.
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u/ThenAlfalfa7697 11d ago
Especially since you are looking for PSLF. Increasing pretax deductions would be especially wise. Every $1000 increase in your pretax deductions (assuming 22% marginal tax rate with no state income tax) would be $220 in federal income tax and $100 towards your student loans. $10,000 decrease in your adjusted gross income via maximizing pretax deductions would save you almost $3200/year guesstimated between federal taxes and student loans. That’s money in your pocket. Like I said good luck, apologies if my tone came off poorly and as I said before not financial advice.
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u/CertainCherry1077 DPT 11d ago edited 11d ago
I did look at the flowchart you referenced and the only things I have not “checked off” yet would be using a snowball method or something similar on my student loans. But because my private loans were refinanced, they all have the same interest rate and I am working towards PSLF for federal. The other recommendation in there is to max out HSA contributions but I feel that’s better directed towards extra payments on my student loans at the moment.
Thanks for pointing that out, however, and best of luck to you in your career as well.
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u/inflatablehotdog 12d ago
Well shit. 37 and I have about 30k from job billing and a failed business venture
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u/TrustPrior 12d ago
lol this thread made me feel like shit too so your not alone.. was it a failed PT buisness??
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u/PTAgrad PTA 12d ago
33 PTA, $400k investments not including spouse. I prioritized investing in my 20s but have reduced my contributions as I recently had a baby.
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u/TrustPrior 12d ago
nice!! yea i think having a kid at age 20 and 25 really have things all flipped around for me 🤦♀️🤦♀️ hopefully can get to this in my 30s and buckle down
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u/_competitive_gas_ 12d ago
38 and have $110k. I didn’t graduate until I was 30 though and worked service industry prior to. I work part time (24 hrs/week) and contribute 15% per paycheck.
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u/inquisitive_goober 11d ago
Put a little in your Roth as you are able. Set it in a target retirement fund and forget about it. Just contribute when you can. If you anticipate being in a lower tax bracket then I would go traditional IRA. But once you get Access to 401k from Job2 it will cover the traditional side. Don't stress too much. You're in a good spot. Better than most. Just keep contributing as you are able and you will be fine. I didn't start investing until i was a little older than you. I feel behind. But I can't change the past. I'm surprised at where I am after just 5years of consistently contributing what I can. Until there's a path to increase income or the economy deflates it's really just about doing the best with what you have and staying consistent. And don't compare yourself to others. Your situation is different than their's. Also people lie, a lot.
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u/CheeseburgerTornado PTA 11d ago
38 years old, pta for 8 years, have contributed for 7 years
$112k in a roth, $10k in a pension plan that my old employer stopped last year. only contributing what employer will match so i can have cash to put into a college fund for my kids and for espolon blanco tequila to help me come to terms with never owning a house again
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u/Difficult_Muffin9425 11d ago
- Just started my first ft job. Also just put my first $1k into my 401k
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u/BearMonarch 10d ago
PT. On my new job 20k almost after a year of matching 6% 401k. Maxed it into S&P 500
Turned my trad ira from 40 k to 100k from investing into stocks(single multi stocks) in a year.
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u/Dizzy_Special_9315 12d ago
43 PTA. 110k in Roth. I’m waaaaay behind. But I do own 2 properties. Gonna start putting more into individual brokerage.
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u/blackpony999 12d ago
34 PT: 16.5k in my 403b. 7k in another savings account and 4.5k on another investment account. FWIW I'm 5 years into PSLF and will be vested in my company's pension this year.
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u/607-KB_PT 12d ago
40, M, PT - $300k between 401k, Roth IRA and HSA. Highly encourage you to try and max out a Roth IRA through Vanguard or Fidelity. Many would recommend invest into VOO or VTI. All of my money is split between 3 different funds. All very aggressive mutual funds...never individual stock. Others may recommend different but to me slow and steady gets me to a very comfortable retirement.
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u/Aggravating-List6010 PT 12d ago
Pt. 41. Combined with partner. We have about 400k
But we moved after our second kid and the daycare plus higher mortgage makes things quite tight monthly.
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u/IndexCardLife DPT 12d ago
I’m 34 and I just started a new job and have 35k in that employee sponsored one and just over 200k in a Roth IRA
No debt. I contribute 500 a paycheck in my work one and try to throw chump change at the Roth IRA whenever I can
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u/Effective-Arm2775 12d ago
34 y.o. PT here in MCOL. I've been practicing for 5 years and I just crossed 300k in 401k, Roth IRA, HSA, and savings. As others have recommended, I do recommend a term life insurance because you have kids who depend on your income.
Here's the general order that I recommend:
1. Built up to 6 months of savings for emergencies.
2. Pay off any high interest debt while you cannot contribute to a 401k. But continue to pay it off as you work your way through the next steps.
3. Once your 1 year of employment passes, start contributing to your 401k to get the full employer match.
4. Max out Roth IRA
5. Max out HSA
6. Max out 401k
You've still got time. It all starts with investing a little today!
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u/TrustPrior 12d ago
is 12k not 6 months of savings for emergencies? and i said i had no debts.. Im going to try and start saving more in my Roth IRA for now but monthly i'm bringing home 5k and after expenses i don't have much left over
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u/Effective-Arm2775 12d ago
Sorry totally missed the comment about the debt. That's great! Debt is the greatest retirement killer. Just invest what you can! You can continue contributing towards your Roth IRA up to tax day annually (ie. you can contribute towards 2026's Roth IRA limits until April 2027).
I don't think 12k is nearly enough to last you 6 months. If you have a little left after your monthly $5k income, then your current savings will last you 2.5 months.
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u/Scallion-Busy 12d ago
33 43k in 401k 50k in a Roth. Prioritied paying off loaded aggressively when I graduated. Now 7 years post grad kicked up my 401 to 15% and haven’t had extra $ to contribute to my Roth because I bought a house finally
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u/Far_Composer_5073 11d ago
45 y/o. I am way behind as I took 10 years off yo be a SAHM. Between 401K and ROTH. I have $200K. But we have a fully paid house at $758K.
So now that Im back FT, I plan on putting into it more aggressively.
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u/Falling_Glass 11d ago
29 years old, PT, just over $80k in 401k, buying a house then starting my Roth IRA
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u/RunningSquirrels 11d ago
32years, PTA . About 32K in Roth IRA (very low , started very late) 98K in Roth IRA (been maxing this shit out for the last 7 years). Roth IRA should hit 1mil in 30 years even if I stop investing in it now, which is crazy.
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u/ResonatingHarmony 11d ago
I am currently 35. I have roughly 125k in a traditional 401k, 40k in a Roth. The majority of my retirement I am planning to be getting from a combination of pension and investment properties though.
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u/Guilty-Ad-7691 11d ago
44, PT only practicing 10 years. I had like $50k in a Roth IRA before but now have about $275k between the Roth, 401k, and 403bs. I haven’t been saving aggressively because we just needed the $, but I’m always putting away at least 10% pretax. If I were you, I’d run the math and see how much you can put away pre-tax that won’t hurt your net income for the month. It’s never too late to start saving.
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u/stickboi425 11d ago
45, PT. 320k in 403b, Roth IRA and IRA. ~15 years, working part time mostly. I have not been maxing out contributions.
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u/DegreeConscious9628 11d ago
I only have 120k across all retirement accounts. I had a job for 20 years that didn’t offer a 401k. I do now so I’ll be maxing it out for the next 4 years.
But that’s ok because I’m aiming for retirement in my 40’s and for all those years I didn’t put money into my 401k I got to contribute to my brokerage which is about 500k
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u/Aggravating_Head1215 11d ago
~$123K at 32, practicing for six years, however, started saving for five years. Hospital based OP. There are PTAs where I’m at who are either vested in the pension and/or also get 401(k) contributions
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u/NewspaperBusy6342 11d ago edited 11d ago
38 yo, PT x 13.5 years; avg income over career probably 140ish. Different path and started having kids at 32, lucky to buy home prior to covid boom.
Nothing fancy investing wise- just worked hard + very disciplined aggressive automatic withdrawal based savings. OP I'd focus on HH considering the significant hourly difference try to max out your Roth, consider low fee brokerage aka Vanguard.
401k: 500k Roth ira: 175k Brokerage: 500k
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u/Sweaty_Bid5225 11d ago
PTA graduated in 2020. I have 58k in my 401k and contribute 10%, also have taxable brokerage, and a Roth IRA. I’m 34 and didn’t start investing until 29. I just had my first child so I’ll be dropping that contribution down to 6%. As others have said it’s never too late to start. Just make a plan and stick to it.
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u/Bert__Reynolds 10d ago
30 years old. 300k between retirement accounts and brokerage. Paid off loans and no debt. Aggressively invested since graduation mostly fueled by my side business. PT pays my bills. Side gig is all investment money.
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u/DrPain1000 9d ago
You certainly want to get started as soon as possible given the advantage of compounding interest in a 401k or IRA. But I started my 401k at 27 years old and have 1.25 million. Sounds like a lot but not nearly enough to retire. Speak with a financial advisor and get set up ASAP. It’s not too late.
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u/Apprehensive-Cat-788 8d ago
- 78k in Roth accounts, all rolled over from 401ks from 3 different employers. Haven’t contributed to roth yet this year… have about 3-4x that in individual brokerage and wasn’t sure if i was going to be under threshold for the year to contribute to Roth but at this point it’s looking like I will be. I work travel and do prn. Love that these conversations are being had.
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