Happy New Year! Hoping to get some insight on the best course of action to take with money I’ll make from selling my home. I’m 40 years old. I’ll profit about $200k and am in no debt. I’ll be renting for a while and don’t know if I’ll want to buy again. I’m contributing more than my company match to my 401k. What should I do with the money? Should I open a separate IRA and put some of the money in that? Should I put it all in a Target Date index fund? Would appreciate any thoughts on this!
Next course of action probably depends on your income and time-line.
It also appears that you are possibly mixing up accounts and investments. You can invest in target date funds within all types of accounts. IRA, 401k, etc.
Have you taken the course offered here?
It will probably answer most of your questions.
Yes I’ve taken the course. My question is should I put some of it in a retirement account (IRA) or should I put it all in a brokerage account.
Depends on your withdrawal strategy:
Do you have a plan? Do you know how your income falls within the IRA guidelines? Do you understand the tax implications of each? It’s not necessarily a simple answer of this or that without a deep dive.