Help me with my retirement!
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Anonymous
| Check out Dave Ramsey on YouTube. He gives simple advice with easy steps. It's a good place to start without getting overwhelmed. |
Anonymous
| Whatever you do, do not take out loans in your own name--Parent PLUS, private, whatever--to finance your daughter's college education. |
Anonymous
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OP, post your income and more details - will you get Social Security? Does your job have a pension?
Your daughter might qualify for financial aid for college but the details are tricky. If your income is below a certain level, she might qualify for a Pell Grant which is about $7300. Some key details - I think that anything you contribute to a 401K or 403B is not included in your AGI when applying for financial aid. So if you are lower income and putting more into a 401K puts you under the threshhold for Maximum Pell grant - that would be worth considering... Especially because some colleges are specifically trying to attract more Pell Grant recipients to their colleges, and also qualifying for a Pell grant can open up more financial aid. In state colleges in particular. It depends what state you live in. |
Anonymous
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Also - spend a couple hundred dollars for a consultation with a fee-only advisor to help you understand what you should be doing.
https://hellonectarine.com |
Anonymous
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-401K to match (if you have one)
-one year's expenses in a high yield savings account -then invest in brokerage like VTI and VXUS Do it in that order or do step 1 and 2 at the same time ($500 in savings, $500 a month in brokerage) Don't worry about taxes and don't worry about college. Neither will be a huge concern. You can save for 15- 20 years and you will have social security. |
Anonymous
| Dont forget about a ROTH! |