Cyrus-the-great
Confused about dryer sheets
- Joined
- Dec 30, 2017
- Messages
- 4
Hi All,
I am 53 yrs old and started a Roth IRA with Vanguard this month. I have never had a retirement acct before and this is my first time investing. My income is usually 40k and I can contribute the max of 6500 each year. My employer does not offer 401k since I am self employed as a hairstylist. So far I have not put any money in the account since I am still unsure of which funds/etc.. to invest in.
I was thinking of the Vanguard target date fund 2030 which will take me to 65. Lets assume I will retire at 65. Will this fund even get me to an amount of money that will allow me to retire comfortably? Most of the calculators I used estimated that my retirement will be like 150k total when I retire. But thats because I put a 10% return per year. How am I supposed to survive on just 150k total? It doesnt make sense. I know I am starting very late, but I have only been in the US for 10 years and I am a hairstylist. My income never allowed me to save, as I live paycheck to paycheck, but recently my pay has been getting better and now I am able to contribute.
Is there anything else I can invest in that will bump up my retirement income? Should I invest in other items besides a target date fund? Can someone suggest 2 or 3 other vanguard types of funds or stocks/bonds/etc.. I can invest in to maximize my money? Can you give me their name so I can look them up and tell me how good they would be for someone in my position? I am open to some risk.
I am 53 yrs old and started a Roth IRA with Vanguard this month. I have never had a retirement acct before and this is my first time investing. My income is usually 40k and I can contribute the max of 6500 each year. My employer does not offer 401k since I am self employed as a hairstylist. So far I have not put any money in the account since I am still unsure of which funds/etc.. to invest in.
I was thinking of the Vanguard target date fund 2030 which will take me to 65. Lets assume I will retire at 65. Will this fund even get me to an amount of money that will allow me to retire comfortably? Most of the calculators I used estimated that my retirement will be like 150k total when I retire. But thats because I put a 10% return per year. How am I supposed to survive on just 150k total? It doesnt make sense. I know I am starting very late, but I have only been in the US for 10 years and I am a hairstylist. My income never allowed me to save, as I live paycheck to paycheck, but recently my pay has been getting better and now I am able to contribute.
Is there anything else I can invest in that will bump up my retirement income? Should I invest in other items besides a target date fund? Can someone suggest 2 or 3 other vanguard types of funds or stocks/bonds/etc.. I can invest in to maximize my money? Can you give me their name so I can look them up and tell me how good they would be for someone in my position? I am open to some risk.