I’m in my early 30’s and have already started a 401k plan with my company. I’m currently investing 5% and my company matches an additional 5%. I’m looking at other ideas to invest some money but don’t know where to start. Any info or advice would be greatly appreciated.
You should be saving 15% for retirement in total.
Roth IRAs are great, as the money compounds tax free. When you retire your not charged any taxes, when you withdraw the cash.
The 401k is good if you have it working with deferred taxes. When you retire you pay the taxes, as you withdraw the cash.
If i was in your shoes, I’d do the minimum to get the full employer match and concentrate on the getting the Roth up to speed. After the Roth was fully funded, I’d go back to my 401 and increase to the full 15%.
Stay away from insurance company programs, that try to do an investment vehicle wrapped with insurance. If you look at the fee’s they impose, it’s a wonder that anyone makes any money (other than the salesman) from those programs.
The ultimate advice I can give is to make an appointment with a FEE ONLY financial advisor. These guys dont get any kickbacks or commisions from setting you up on a good program.
These guys have your best interest at heart as their not pressured to sell you anything. They get paid the same weither you get on a program or not.