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What other options do I have for saving/ investing? Never done a lot of it before and decided to look into it.
I work for the state government. Been here 17 years. I have a pension. The state doesn’t offer anything else. Just the pension. No supplemental 457 or anything like that. I max out a Roth IRA every year. I keep a 1 year emergency fund in a savings account.…
I work for the state government. Been here 17 years. I have a pension. The state doesn’t offer anything else. Just the pension. No supplemental 457 or anything like that. I max out a Roth IRA every year. I keep a 1 year emergency fund in a savings account. That’s all I got. I’ve run out of things to buy and have more money than I need to spend and not sure what to do with it. Any suggestions or recommendations?
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Thank you but I’ve already done all that. What’s next? I don’t have the option to save anymore for retirement unless you know something I don’t ?
The last two blocks of the flowchart are open-ended steps based on your goals. If you want to save more for retirement, you want to read the block on the left.
If you are truly out of retirement space (including HSA, if you can contribute to one)... If you have (or plan to have) kids, or want to help out a niece or nephew, opening a 529 would be a good choice. Otherwise, a taxable brokerage is what you have left. All the usual advice applies there: stick to broad index funds, stay invested even when the market goes wonky, and avoid anything with high fees.
Thank you! No HSA available and I wouldn’t want one if it was. I have health issues and I would never save anymore money with it. No kids now or in the future. What’s a good taxable brokerage account to get?
Yes I have those things. Roth maxes out every year. 1 year of income saved in a savings account that pays 3% interest. I don’t wanna deal with real estate. Where can I go to do the SP500 thing? Thank you!
The usual recommendations are Vanguard, Fidelity, and Schwab. They're all pretty much identical to a passive investor. If your bank has an investments arm, that's an option too, but make sure you're not going to be charged a bunch of fees (especially AUM percentage fees) if you go that route. And just for reference, an HSA is useful even if you don't build up money in it. You get the tax advantage even if you spend the money right away. I take it you mean that HDHPs are a bad fit for you, though, rather than the HSA specifically.
I’m positive they don’t offer anything else. We’ve been begging them to set something else up for years. No self employment income. Can I just open a fidelity brokerage account and use that? That’s where my Roth IRA is.
Popular brokerages are Fidelity, Charles Schwab, I use Robinhood because it's easy to use. They're all free. You just apply to open an account, deposit money, and buy the same shares you have in your Roth IRA which I assume includes the SP500. I just dump the majority of my money in VOO.
Yep Can open a CMA account as well if you want a HYSA type account with them
Do you have a Roth IRA?
Are you sure they don't offer anything else? You got an IRA covered so that's great. Do you have any other income, like from self employment? Unfortunately theres not much else you can do to save taxes. But you can invest in a taxable brokerage. Just invest in total market index funds like VTI or VT. Same for the IRA.
It's probably worth choosing the high deductible option for health insurance to be able to use an HSA. Saving money in the HSA has nothing to do with your current healthcare expenses. It's not like you HAVE to use it for ongoing expenses. Invest your HSA, pay for medical expenses out of pocket and save the receipts, let your investments grow for 20 years, withdraw money tax and penalty free up to the value of all your accumulated receipts, use the rest of the HSA funds to pay for ongoing healthcare expenses.
Follow this: https://www.reddit.com/r/personalfinance/wiki/commontopics
Assuming you have 1 year emergency fund in a HYSA and you have a maxed out ROTH IRA you can open an investing account and put it all on an SP500 ETF like VOO to maximize growth. You can also try real estate but it comes with a lot of headaches, speaking from personal experience.
Not to sound like a creepy stalker, but which state is it that doesn't offer anything beyond a pension? I've never heard of such a thing (I'm a state employee myself and have a 403b, 401k, and a 457b).
Boring is beautiful. a taxable brokerage full of broad market index funds is exactly what a lot of financially independent people end up with