I need to start contributing to my 403 was thinking 10% but as of now I save 3k a month and have 4k for expenses. What is the appropriate amount to save if making aprox 120k
I read a book called Rich Dad, Poor Dad and was able to step into about two seminars featuring this book.
They say 10% to IRA Roth, 10% to savings(make it controlled cause if it's an easily accessible one--you'll be tempted) this assuming you're entering the work industry as an employee of a small business or corporation. If an athlete, entertainer, actor, etc. where career span is much less they say save 30-33% of income.
I asked questions relative to my basis; if I'm coming out of grad school and getting contracted(hourly-based) internships, so vacation and traveling isn't a concern why not put all savings in IRA roth and get compounded interest rather than 10% IRA/10% ordinary savings. Most you can put is $5k and/or 20% of income in IRA roth.
So in your case, I'd put $5k in an IRA Roth yearly, so $600/mo.
If you're making $120k a year(pre-tax I'm assuming), that's about $72k post tax( not too sure the bracket at 120k I think it is 40%, correct?).
At $72k a year. That's $6k a month. I'd go $600 in protected savings, $600 in IRA Roth. If you have a 401k with a percentile matched by your employer, I think you are in the clear, if not put $300-$450/mo there too. Out of the $6k a month, you're about 25%(1.5k) into saving territory.