I max my Roth IRA account and my home is paid off. What should my next step be?

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June 18, 2023 at 5:57 pm #83602 Reply
USER
Share your experience..
June 18, 2023 at 5:57 pm #83603 Reply
Derek
Max out your spouses IRA too.
June 18, 2023 at 5:57 pm #83604 Reply
Mark
Give like no one else!
June 18, 2023 at 5:58 pm #83605 Reply
Kevin
Make sure you have an emergency fund.
Then max out your 401k,at least to get the company match. Then invest any remaining funds in a taxable brokerage account and invest in stocks/etfs according to your risk tolerance.
June 18, 2023 at 5:58 pm #83606 Reply
Barrett
Brokerage account has no max.
You may also look into real estate.
June 18, 2023 at 5:58 pm #83607 Reply
Nicholas
A Roth IRA is not much. Save a lot more in a brokerage account once you have maxed any tax deferred accounts available too. Strive to have a savings rate as high as you can get it. Fifty percent or greater would be idea. This often requires taking steps to earn more. Also cut your expenses and be sure to keep arch investment fees.
June 18, 2023 at 5:59 pm #83608 Reply
Jonathan
1. Pay off bad debt- credit cards etc.
2. Max out 401k match
3. Maximize HSA (Fully fund and pay for health expenses out of pocket).
4. Maximize Roth IRA
5. Max out 401k
6. Pay off all debt other than mortgage (assuming a low rate).
7. 529 planning for kids.
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