Hello everyone. I just signed up the other day after finding this site. I must have been living under a rock or something. What a amazing resource this website is and glad I found it. Guess I'm a bit late to the party. Better late than never I guess.
After peaking at my 401k recently, I wanted to check up on everything. I'm not planning on retiring anytime soon but would like to get your input and advise on how to plan and invest for the future.
A little background on me. I'm single and I'm currently 41 turning 42 in 5 months. Started working at 22 after college. Although I didn't setup my 401k until I was 23/24. I contributed only the mininum to get the company match of 3 percent. After a few years under my belt, I ramped it up and was putting in around 10 percent of my salary. Salary was around 60k and now around 110k with the same company.
During that time and as of last week, the 401k has around 480K. The company went through a few 401k company throughout the year. From Mutual of Omaha to Voya. Each firm I have always invested aggressively in whatever plan they had that was aggressive. I will admit I wasn't very educated in investment and if I could go back into time, I would tell myself differently.
At any rate, I didn't know about the Roth IRA plan at all and anything in regard to index fund, etf, etc...Since last week, I have been reading and researching on it. I finally open an account with Vanguard earlier this week. I maxed it out by putting 6k for the 2020 contribution. I then invested 6000 into VTSAX index fund as my research all point to it as a great fund. I will continue to slowly max out my Roth IRA contribution for the 2021 year and on. Also I am going to be maxing my 401k to the 19.5k contribution this year as well and so on.
I live in a low cost city in California. Purchased a house 8 years ago. No debt except mortgage.
Asset:
House = 190k Mortgage, house value at 430K
Tradition 401K = 480K
Roth IRA = 6k
Brokerage Account = 15K
Cash in bank = 25k
Vechicle = 70k
My lifestyle is pretty simple and don't splurge on anything expensive. Most of my expense is gas. Since I'm in the valley, I go to the beach or mountain quite often. Been dialing it down last year since covid happens.
A few questions. I understand the market is high at the moment so with this year 2021 Roth IRA, I'll be doing 500 per month and either dumping it into the VTSAX or should I be looking at something else. I know there are alot of index out there like VFFVX, VTTSX, etc...as well as ETF like VTI, VOO, etc...
What else should I be doing? I'm currently in a relationship and will be getting married soon. Possibly one or two kids. She is much younger than me and has her financial stuff in order. She also own a house.
Any advise or input is greatly appreciated. Thank you and looking forward to someday retiring early!! and getting FI.
Oh I will need to calculate my saving rate and spend rate. I currently track it on a spreadsheet but haven't updated it in awhile so I better get back to doing that.
After peaking at my 401k recently, I wanted to check up on everything. I'm not planning on retiring anytime soon but would like to get your input and advise on how to plan and invest for the future.
A little background on me. I'm single and I'm currently 41 turning 42 in 5 months. Started working at 22 after college. Although I didn't setup my 401k until I was 23/24. I contributed only the mininum to get the company match of 3 percent. After a few years under my belt, I ramped it up and was putting in around 10 percent of my salary. Salary was around 60k and now around 110k with the same company.
During that time and as of last week, the 401k has around 480K. The company went through a few 401k company throughout the year. From Mutual of Omaha to Voya. Each firm I have always invested aggressively in whatever plan they had that was aggressive. I will admit I wasn't very educated in investment and if I could go back into time, I would tell myself differently.
At any rate, I didn't know about the Roth IRA plan at all and anything in regard to index fund, etf, etc...Since last week, I have been reading and researching on it. I finally open an account with Vanguard earlier this week. I maxed it out by putting 6k for the 2020 contribution. I then invested 6000 into VTSAX index fund as my research all point to it as a great fund. I will continue to slowly max out my Roth IRA contribution for the 2021 year and on. Also I am going to be maxing my 401k to the 19.5k contribution this year as well and so on.
I live in a low cost city in California. Purchased a house 8 years ago. No debt except mortgage.
Asset:
House = 190k Mortgage, house value at 430K
Tradition 401K = 480K
Roth IRA = 6k
Brokerage Account = 15K
Cash in bank = 25k
Vechicle = 70k
My lifestyle is pretty simple and don't splurge on anything expensive. Most of my expense is gas. Since I'm in the valley, I go to the beach or mountain quite often. Been dialing it down last year since covid happens.
A few questions. I understand the market is high at the moment so with this year 2021 Roth IRA, I'll be doing 500 per month and either dumping it into the VTSAX or should I be looking at something else. I know there are alot of index out there like VFFVX, VTTSX, etc...as well as ETF like VTI, VOO, etc...
What else should I be doing? I'm currently in a relationship and will be getting married soon. Possibly one or two kids. She is much younger than me and has her financial stuff in order. She also own a house.
Any advise or input is greatly appreciated. Thank you and looking forward to someday retiring early!! and getting FI.
Oh I will need to calculate my saving rate and spend rate. I currently track it on a spreadsheet but haven't updated it in awhile so I better get back to doing that.