I just got married a few months ago and my husband and I wanted to find a financial planner. We are both 24 but we want to save up for our retirement, college for future children, investments, buying a home, etc…. We don’t have much money to start with because we just cleared all of our debt. Does anyone know what’s the best place for us to start? We’re looking for a financial planning company or financial planner in Los Angeles. Thank you.
As Ted replied, the first step would be to contribute to your retirement plan at work. Each of you are allowed to contribute $15,000 per year to your 401(k). Since you are debt free, I would assume you could put a nice chunk of your pay into that.
Since your other interests are college for children and buying a home, you can contribute to a Roth IRA or an education IRA. IRAs have more flexibility when you want to withdraw money for certain expenses. Your 401(k) plan does not allow in service withdrawals for first time homebuying expenses or education expenses. IRAs, however, allow withdrawals for each. For first home, it’s up to $10,000. For education expenses, I am not aware of any limit as long as it’s paid to an eligible postsecondary institution.