I’m Saving for What Used to Be a Normal Goal. Now It Feels Like a Pipe Dream.
A 29-year-old earning $65,000 annually in a high-cost area has saved over $200,000 for retirement but only $40,000 for a home, expressing concern that homeownership may be financially out of reach despite valuing the stability it offers. The columnist acknowledges the emotional and practical appeal of owning a home but cautions that in expensive markets, it may not be financially prudent, especially on a single income. The advice is to continue balancing both goals while adjusting savings as income or priorities change, rather than committing fully to one at the expense of the other.
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Pay Dirt I’m Saving for What Used to Be a Normal Goal. Now It Feels Like a Pipe Dream. Advice by Kristin Wong April 29, 20261:04 PM Photo illustration by Slate. Photo by Ruangrit/Getty Images Plus. Copy Link Share Share Comment Copy Link Share Share Comment Pay Dirt is Slate’s money advice column. Have a question? Send it to Kristin and Ilyce here. (It’s anonymous!) Dear Pay Dirt, I am 29-years-old and live in an expensive area in an already expensive state. Five years into my career, I make OK-but-not-great money ($65,000 a year). I have lived at home with my parent for many years, which has allowed me to accrue significant savings. But I’m increasingly worried they aren’t enough for anything I want to do. So far, I have funneled the majority of that money into my retirement accounts.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Slate Magazine.
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