[USER]

Need some advice. Got a late start due to fully funding my divorce 8 years ago. 50 year old single mom, no support.
Make 180k with RSU’s and 20% AIP.

56k in 401k, 50k in HYS, 59k in 529, 42k in Edward Jones (not savvy to do on my own) and 22k in custodial MF through EJ for daughter to help her buy a house one day.

Where should I focus now?

[Soltura]

How much do you live on per year? If you don’t get a raise and max out 401k until 65, you’ll be fine as long as you’re debt free including mortgage.

[James]

401k. I get that you want to help your daughter but she probably won’t want to be your retirement plan either.

[Scott]

I would shoot for 20% of your income to go to investments. 401k to match, 7k to a Roth IRA, any extra could go to the 529.

I would also roll the daughter’s house fund to the 529.

If there is money left over she can roll the 529 extra money into a Roth IRA and when she’s a first time homebuyer she can use that Roth money penalty free for her first home

[Sue]

You need to max out your retirement plan and add to index funds like Vanguard. I see you have horses and that’s expensive! If you intend to continue with that into retirement years, add that to your monthly expenses.

Only then will you begin to understand what you will need to contribute with every paycheck to the funds. I would not fund anymore to helping your daughter buy a house.

Let her choose her path as you have a 529 for higher education.

Pay yourself first by initiating auto deduct to funds whenever it’s payday.

What you don’t see, you won’t miss.

[Aaron]

I would focus more on saving money for your own retirement and not on your kid’s education and housing.

Unless your retirement plan is to move in with her

[Michele]

Look up Money Guys Financial order of operations. Do that and invest in something like VTSAX (A Simple Path to Wealth).

Put your retirement first and priority.

That’s enough in college and house for the kid. They have time to build their funds and work.

You don’t.

[Author]

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