I am 26 years old make $80,000, live in Chicago, work in Social Media, and this is a one year (to the day!) update

1

SmartAsset

First of all, loved your diary! Thanks for sharing. I have a suggestion for your traditional vs Roth question. First, you could take a look at the prime derivative in the r/personalfinance subreddit for your own research. However, here's an example of what you could do. Based on your income of 80k for the federal income tax brackets you are pushed into the 22% bracket as a single filer; additionally Illinois has an income tax rate of 4.95%; this means you pay ~27% on your current last dollar earned. (You could go to nerdwallet.com to see current federal tax brackets and smartasset.com for Illinois Income tax calculator.).

#Asset Management #Personal Finance #Financial Planner 41 social mentions

2

nerdwallet

First of all, loved your diary! Thanks for sharing. I have a suggestion for your traditional vs Roth question. First, you could take a look at the prime derivative in the r/personalfinance subreddit for your own research. However, here's an example of what you could do. Based on your income of 80k for the federal income tax brackets you are pushed into the 22% bracket as a single filer; additionally Illinois has an income tax rate of 4.95%; this means you pay ~27% on your current last dollar earned. (You could go to nerdwallet.com to see current federal tax brackets and smartasset.com for Illinois Income tax calculator.).

#Personal Finance #Financial Planner #Accounting 43 social mentions