I make approximately 3600/month after taxes. I would need to dish out $6500/ year for Roth IRA and approximately $1850/month out of my $3600 to max out my 457 plan for any given year. This would leave me with maybe $1750 each month for my mortgage, vehicle, groceries, diapers, phone bill…oh jeez.. yikes. I guess I just don’t make enough? Or is this doable?

UPDATE

Thank you for all the thoughtful responses. Looks like the biggest takeaway is to contribute whatever I can now (27yrs old), and adjust contributions as income changes throughout the years. After some calculations, I’ve decided to throw approx $1300/month towards my 457 plan which comes out to $15,600 annual contribution. This is not the max but this is the number that I can safely put away. I’ve already made my max $6500 towards Roth IRA for 2023.

Thankfully, I split my mortgage with my SO and hold manageable debt that we can tackle in the near future.

Please refrain from doing this big mistake. Last summer, I withdrew 12k from my ROTH IRA year 2021 + 2022 contributions LOL. I deeply regret it.