kannon
Recycles dryer sheets
Morning All -
It's looking like our son will be starting a new job as a contractor. Without the health benefits and retirement benefits, his salary is substantially greater than his previous employment. He is ok with the health benefit part due to being on his spouse's health plan.
But I really want to emphasize to him that while you are a contractor, which I am hope will be only for a few years as the position takes him away from family, to use the opportunity to sock as muck money away as he can - he is naturally frugal luckily. So i am thinking a good chunk in a taxable account for their future home purchase. Any good ideas?
And as far as retirement, well - no more 401k plan for tax deferred savings. He does contribute to a Roth IRA. Where else can he go for tax deferred growth for retirement access in 30 yrs? Fixed Annuities? Life Insurance? I cringe when I say this as someone who grew up thinking Annuities is a four letter word.
Appreciate your thoughts.
Kannon
It's looking like our son will be starting a new job as a contractor. Without the health benefits and retirement benefits, his salary is substantially greater than his previous employment. He is ok with the health benefit part due to being on his spouse's health plan.
But I really want to emphasize to him that while you are a contractor, which I am hope will be only for a few years as the position takes him away from family, to use the opportunity to sock as muck money away as he can - he is naturally frugal luckily. So i am thinking a good chunk in a taxable account for their future home purchase. Any good ideas?
And as far as retirement, well - no more 401k plan for tax deferred savings. He does contribute to a Roth IRA. Where else can he go for tax deferred growth for retirement access in 30 yrs? Fixed Annuities? Life Insurance? I cringe when I say this as someone who grew up thinking Annuities is a four letter word.
Appreciate your thoughts.
Kannon