Reply to $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers

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[quote=Anonymous]OP here. Thanks to all for the thoughtful replies. To categorize:

- Reduce tax liability (and save for retirement) - if I'm not aggressively saving for a downpayment and already have an emergency fund, an income of $115k is more than enough to contribute the maximum $18,500 to a 401k plus the max $5,500 to a Roth IRA. So that's what I'll plan to do for 2018 and 2019. I would love to find additional ways to reduce my tax burden - but it would appear that the mortgage interest rate and local/state property tax (albeit reduced in the last tax bill) are the top ways to do so, which are both closed off to me for now while I am a renter. I will continue to investigate other ways to reduce my tax liability and see if I have the option to contribute to a Flexible Spending Account. It's frustrating to be in a low savings/net worth position in part because the government reneged on a commitment. Boo hoo.

- Consider leaving DC for a lower Cost of Living (and higher quality people) - I actually quite dislike DC and its surrounding suburbs, but other locations where I have worked and would have options are even higher cost of living (think tech-oriented coastal cities), and like many people here my area of work is quite specific to government. For now, I think I will focus on finding a better job in this area, while progressing in my quals.

- Save on rent, get a roommate - I actually pay about 15% below market rate for my microscopic, metro-accessible apartment and would pay about the same or more to rent a room in a 2 bedroom/2 bathroom condo or apartment. So it is hard to see any additional savings being achieved in this area. Not willing to share a bathroom at age 32.

- Buy a home to see appreciation - for me, purchasing a home is more about quality of life and stability than it is about appreciation. Sort of a moot point though until I can find a higher quality job.

- Leave current job as soon as possible - I actually really enjoy and am very good at the subject matter of my current job - the problem is my shady/stingy/mercurial boss. Because of all that shadiness and wage theft, I'm thinking I'll try to move in one of these directions in the next 6-12 months: 
1. Jump ship for a more senior position at a small contractor in the area (8a/small business disadvantaged) with target salary of $130-180k
2. Pursue an in-house recommendation at a more established contractor/consulting firm (Booze/Deloitte, etc) and seek to come in at a manager level in the middle area of the above scale.
3. Attempt to leverage my current position for a GS-13ish level government position.

In the meantime, I will upgrade a couple of my industry-specific qualifications and restart my networking to get a feel for what's currently out there.

Thanks again to all, and I much appreciate any additional commentary or insights. 
[/quote]

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