I am kinda late to the game. 44 years old and wanting to retire at 60. I have a 401k but that is all I knew. Only started 5 years ago. And a few months back I just started the Roth IRA and still getting my feelers. I have some savings. No credit card debts, I do have a mortgage and car payment. Income is good and able to manage my expenses. BUT…the question is, where can I find help with investments. Any recommendations? I need help on how to invest and where to invest. I feel like in the short time frame I have to target retirement, I need help! Would you say I need a financial advisor or planner?
How much total do you have invested right now? What is your income? How much do you think you are able to invest each month?
I wasn’t aggressive in investing, only have a little over $100k. I now see the value of planing for the future. I can invest about $1,500 a month overall right now which is about 15% of my net income.
My math says you should have a bit over $800,000 at age 60 based on $100,000 currently invested, $1,500/month new contributions and a 7% rate of return.
That’s certainly not terrible, but not likely retirement territory either at your cost of living. If you push it to 65, that number goes to $1.2M.
There’s a reality around investing that you can’t just speed it up because you want it really bad. The only way to get there faster is to lower your spending, increase your income and invest the difference.
That said, optimal investing is pretty simple. Buy and hold index funds. Don’t sell anything until you retire. This instagram story walks through most of the core concepts.
https://www.instagram.com/stories/highlights/17902448620432357/
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Thank you so much for taking the time to help me out! It’s much appreciated and i am so happy that I am in a better situation than I thought and it’s not too late for me! I don’t want to work until I expire.
The link you provided doesn’t work, it’s a sports page. And get an error message.
So to buy and hold index funds, is that through a mutual fund since Roth is limited to $6,000 a year? I am not savvy when it comes to these things and I do appreciate the help!
Hi Jvirgo2007,
You can buy and hold index stocks in your Roth as well. Vanguards target date retirement is great. It rebalances your assets from stocks to bonds as you get older. The older you get the more it will put it towards bonds. If you want to be aggressive you can weigh it more towards stocks but I would suggest not to.
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Go to my instagram account @personalfinanceclub and click on the story highlight called “How To Invest”. Click through each of the posts and read the captions. I think it will help your understanding a lot! You’re close!
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