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What should I do with my savings account?
Posted on 1/7/14 at 5:02 pm
Posted on 1/7/14 at 5:02 pm
Hey guys, first post on this board. Trying to get some opinions on what to do with the money in savings. I've got $30k saved, and I already put the max towards my HSA while putting 10% towards 401k (company gives 3%) while wife puts 6% (company matches 6%). Each month I can add about $2k to that savings account if we aren't setting aside that money for something or have an unexpected expense.
We also plan on starting a family this year, so I guess that 2k saved each month number will drop a good bit once that day comes. Both 27, own a home and no other debts. Thoughts?
We also plan on starting a family this year, so I guess that 2k saved each month number will drop a good bit once that day comes. Both 27, own a home and no other debts. Thoughts?
3
Posted on 1/7/14 at 5:07 pm to EveryonesACoach
Live a little, can't take it with you.
Posted on 1/7/14 at 5:15 pm to EveryonesACoach
Roth IRA?
Posted on 1/7/14 at 6:42 pm to EveryonesACoach
Not knowing anything else about you, I'd go in this order:
1) 3% on the 401 to get the company match. It's a 100% ROI. Keep the savings account while this is done.
2) Now ditch the savings account and max the Roth. You can take money you contributed back out from the Roth anytime you want with no penalty. Invest some portion of it in "safe" stuff, this is the portion you set aside for emergencies. But in a Roth any gains are tax-free. Above that you can invest as you would in any retirement fund.
3) Max the HSA
4) Max the 401
1) 3% on the 401 to get the company match. It's a 100% ROI. Keep the savings account while this is done.
2) Now ditch the savings account and max the Roth. You can take money you contributed back out from the Roth anytime you want with no penalty. Invest some portion of it in "safe" stuff, this is the portion you set aside for emergencies. But in a Roth any gains are tax-free. Above that you can invest as you would in any retirement fund.
3) Max the HSA
4) Max the 401
Posted on 1/7/14 at 9:16 pm to foshizzle
I've got the same issue and am trying to figure what to do. I've maxed my 401k, wife has maxed 401k and based on income, can't do a Roth. What are some other options?
Posted on 1/7/14 at 9:57 pm to guttata
Go to Scottrade store in Baton Rouge and open account. This will be taxable.
Purchase Vanguard, T. Rowe or Fidelity mutual funds with intent to hold.
Purchase Vanguard, T. Rowe or Fidelity mutual funds with intent to hold.
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