I've been lurking for awhile and thought it was time to introduce myself. I am 36 years old and a mom to three (ages 5,7,8) and a wife to one very lucky guy
(who is 51). Both my husband and I had been saving minimally for retirement with no real plan and not a lot of thought into our investing strategy. About a year ago we started meeting with a Primerica rep (I know, I know...) and finally started putting a plan together. My hubby is self-employed and puts the max away per year in a traditional IRA. I work for mega corp (32 hrs per week due to mommyhood) and had only been putting away about 6% of my salary into my 401K up until recently. I just upped my 401K contribution to the max and we also started a Roth IRA for me at the max. In my previous job I had some 457 $ and another pension pot of $ that we just transferred into a traditional IRA.
I thought I was being really smart until I started reading this forum and realized that we are wasting lots of money investing our IRAs thru Primerica (Legg Mason). I want to switch everything over to Vanguard in the near future but am still learning and researching. I am leaning towards the Target retirement funds for all of our IRA money/funds because this seems like a simple way to go. We have an emergency savings account (at our bank) and are working hard to pay off our mortgage (hopefully within 4-5 years). After the mortgage is paid off we want to start a taxable savings venue with Vanguard...but I have lots of time to research that.
We have always been fairly careful with money, we have no debt except the mortgage. However, with hubby being 15 years older than me we really need to plan for the future/retirement/college expenses. I am reading Your Money or Your Life
, The Boggleheads Guide to Investing
, and just finished The Millionaire Next Door
. ARGH...I wish I would have been smart enough to start learning these things earlier in life.
I really appreciate this forum and will look forward to hearing more words of wisdom and advice as we go on this journey. PS my husband thinks I am crazy for worrying about this stuff so much!