<prompt> Human: Hi PF, This is my first post ever on reddit and I hope the formatting is okay. I am 23 years old. I am currently getting my masters degree and will graduate in approximately 1.5 years. I will have no student loans or other debts when I graduate. I do not own or have a car, but I have had my license since I was 16. I didnt need one in college and I do not need one now or for the next 1.5 years. My siblings and I used my parents car in high school. I really enjoy biking and hope that in the future I can keep commuting by bike as I do now, but if I need to buy a car after I graduate I will buy one that is used and 4-6K, which seems like the general advice from here. My tuition and living expenses for these 1.5 years are thankfully covered mostly by scholarships, a little by parents and living very frugally. One month ago I started to track my expenses in excel. I do not like that my parents are helping me because I liked paying for my own rent and food when I had the internships and not feeling like a waste of money for my parents, but they do not want me to take money out of my savings account for expenses while studying I have the coolest and nicest parents, I worry they are too nice and too helpful though. From previous internships, I have 13.5K in a savings account. From this subreddit I have learned that it is not a HY savings account and I plan on switching to another bank. I have had a CC for about half a year, always pay it off on time. Ever since discovering this subreddit, I have become very anxious about saving for retirement. Should I move 5.5k into a Roth IRA or keep all of the 13.5k in the savings account? I know that it is important to have an emergency fund, but is 8k enough? I have already filed and submitted my taxes, and received my federal refund. If I put 5.5k in now, I would not be able to put 5.5k in for the next year 2018, but I imagine I will be able to in 2019 since I will hopefully have started working immediately after graduating. If I do put 5.5k into a Roth before mid-April, do I need to amend my taxes? I filed using turbo tax. I could also put 5.5k in a Roth for 2018, not 2017, if that is a better idea. Thank you so much for any advice, I really appreciate it. edit: grammarAssistant: 23 and concerned about retirement. No credit cards, no student loans, no debt. You probably have a great credit rating, too.Good kid. You have such a head start on 99.99 of the world.Giving yourself a cushion is a great idea, but do you that much. 5,000 is a great cushion, leaving you open to invest the other 10. Why not do that?Human: I could do that! Im just not sure if and how much I will need from the emergency fund once I graduate. In that case, I will definitely put 5.5k in a Roth IRA, and think about investing a little. Thank you for your response! Assistant: Only put money into a Roth that you plan on investing, otherwise there is no benefit to putting it in there. If you are only comfortable investing 3,000, only put 3,000 in there and keep the rest in savingsHuman: That makes a lot sense. I thought you had to contribute 5.5k. Thanks!  <response>: Nope, 5,500 is just the annual max. Most people who use the Roth IRA are generally maxing them, so that is why you see it thrown around so much. Legally, there is no minimum contribution, but there may be minimum starting balances by policy at different banks 