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re: What is next step? Have a Savings Account, Simple IRA/401K
Posted on 3/30/18 at 5:10 pm to Mr International
Posted on 3/30/18 at 5:10 pm to Mr International
Roth. You can buy all that other stuff in there, use it as a savings, etc. There's absolutely no reason to have a savings account that you regularly contribute to until you max your Roth out every year.
Why? Because you can withdraw your Roth contributions tax free. You just can't touch any income until retirement without heavy taxing.
Why? Because you can withdraw your Roth contributions tax free. You just can't touch any income until retirement without heavy taxing.
2
Posted on 3/30/18 at 5:17 pm to baldona
What do you recommend ? Vanguard?
Posted on 3/30/18 at 5:44 pm to baldona
quote:
There's absolutely no reason to have a savings account that you regularly contribute to until you max your Roth out every year.
This is correct. Max the Roth every year if possible.
That said, keep the part of the balance you consider "emergency money" invested conservatively. If your monthly expenses are $3000 and you are budgeting 3 months of emergency cash, then invest the first $9000 in something unlikely to fluctuate much.
As your balance grows you can (and should) get less conservative though since any gains are tax free.
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