I'd like to give some info on my current financial situation.
I am 24 years old, been working full time since I was 18. At age 22, I got a job at the University that I attended that offers a mandatory pension plan. 6% of my salary gets taken out each pay check, but if I stay with a state university for 30 years (I will be 52 at that point), they will pay me 80% of my highest salary for the rest of my life when I retire. If I decide to wait until I am 62, they will pay me 100% of my highest salary.
I'm already on my 3rd state university and have found my final career choice. I anticipate staying with this department until I retire. Everyone else here are over 40 and most have been here for over 20 years. At the rate that I have been getting promotions, I'll be making well over 6 figures when I retire at 52.
I also own my own home that is worth over $200k. I have 2 cars, both worth about $60k combined. Only loan I have is my mortgage, all student and car loans are paid off.
I have on average $10k in an emergency fund. I like to buy some nicer things in life every now and then
I am unmarried, but will be later this year.
I need some help in deciding investment options. The state universities do not match on 401k, 457, or 403b. They only care about your pension plan. Is it wise to put money in unmatched 401ks, or should I invest elsewhere? Currently, my dad has suggested that I put $500 each in 401k, 457, and 403b per pay check and have been doing so since February. I also put in $5000 per year into a Roth IRA since I was 18.
Should I divert the unmatched optional investments else-where? Do you think my pension plan should cover my retirement expenses? When I retire, I plan on moving back to China where the food is delicious and the cost of living is low!