Any financial advisors in the room?
My goal next year is to really start focusing on saving for retirement and investing for the future. I have a few accounts setup with very minimal balances and I'm wondering how much I should focus on each type of account to put money away in.
Here are my thoughts and this might not be the correct way to go, so please correct me and point me in better directions if there are better paths to take.
Roth IRA - I can put up to $6,000 a year into that, so my thoughts are $200/mo and max it out. Maybe open another one up for my wife and do the same thing. Reason for this is the tax free growth and such a small limit that it could be worth maxing it out each year. Also if I understand correctly the principal funds can be withdrawn without any penalties.
Traditional IRA - Not sure how much I should put into this really. I was thinking maybe $100/mo just to get things started and figure out more later as I can contribute more.
Brokerage Account - I have been putting a few hundred a month into here for the past 8 months and I think this seems like a great overall place to put money for long term since it's just capital gains rather than income tax. Plus I have access to it whenever I want without penalties, just taxes. I can pull from this for other investments such as down payment on future real estate transactions with ease.
I have about $3600 in an old 401k that I want to rollover to one of the IRA's so I have more access to the funds. Not sure which one I should roll it into though. Right now it's like 50/50 ROTH/ Traditional 401k.
What are your guys thoughts with where I should focus on putting money for both mid-to-long term investing?