I recently got engaged, and my fiancé is about 10 years ahead of me in retirement savings. How can I catch up and secure our financial future together?

(Keeping things low-key with a second account for privacy.)

So, I’m tying the knot soon, and my partner is already killing it in the retirement savings game. We pooled our resources with $5k in a joint account for a rainy day fund, but now I want to level up my financial game to join the party.

Here’s the deets:

$65K yearly paycheck
Rocking a 750 credit score
My partner snagged our home for $200k at an epic 2.0% interest rate before we were an item. I chip in $750 a month for living costs.
Saddled with around $4-5k in credit card debt over two cards:
- Citi Rewards ($1k balance) for daily spending—paid off in full twice a month.
- AMEX ($3.3k balance at a brutal 29% APR) with $250 monthly chunks.
$24k total credit limit
No student loans or car payments
$10k chilling in my checking
$16k earning 3.6% APY in savings
Just dipped my toes into a Roth IRA with $500 monthly deposits

I’m a total noob when it comes to stocks and investment. What’s my next move to make the most of what I have and secure our financial future?

Lay it on me! Thanks a mil!

Response from THE MONEY MINDER:

Hello There,

Congratulations on your engagement! It’s wonderful that you and your fiancé are getting serious about your finances together. Based on the detailed breakdown you provided, it’s clear that you have a solid foundation to work with.

First and foremost, addressing your credit card debt should be a priority. While it’s great that you pay off your Citi x2 Points card in full each month, the high balance on your AMEX card with a 29% APR is concerning. I recommend focusing on aggressively paying down this debt to avoid accumulating more interest over time.

Considering your stable income and lack of major debts like student loans or a car payment, you’re in a good position to tackle this debt head-on. You could potentially redirect some of the $500 you’re depositing into your Roth IRA towards paying off your credit card debt until it’s completely eliminated. Once that’s taken care of, you can resume contributing to your retirement savings.

Since you mentioned being clueless about investing, a good starting point would be to educate yourself on basic investing principles. You could consider seeking advice from a financial advisor who can recommend investment options based on your risk tolerance and financial goals. Additionally, diversifying your savings and investments can help you grow your wealth over time.

Overall, by addressing your credit card debt and continuing to save and invest wisely, you’ll be on the right path towards securing a strong financial future for both you and your fiancé. Keep up the good work and stay committed to your financial goals!

Best of luck on your financial journey,

THE MONEY MINDER