Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The goal is to get some good growth, taxable is not a concern after the Roth IRA Max is met.
I am 57, other half just turned 61. Plan is to formally Retire my OH at 65, me unknown, but by my 65, delaying SS if we can, and Maybe taking it tten at 65, not as good as at fra of 67&66,10m, but better than 62. That can be crucial in our plans.
Hate to break it to you, but you're too old to accomplish your goal of "some good growth" by retirement age. Investing should be done with a longer time horizon in mind. In 5-7 years, you could get lucky and see 30% returns. In 5-7 years, you could also get unlucky and see 30-50% losses. You just don't know which you're going to get, which is why you go into investing with a 20-30 year view of the market. At your age, it's going to be much harder to ride out the tough times when you see a good chunk of your net worth vanish before your eyes.
That said, I'd still recommend opening a brokerage account. You probably won't see much growth since compounded growth is backloaded, but your kids, grandkids, nieces, nephews, heirs, etc. could potentially see tremendous growth if that money is given time to grow over the course of 25-30 years.
Hate to break it to you, but you're too old to accomplish your goal of "some good growth" by retirement age. Investing should be done with a longer time horizon in mind. In 5-7 years, you could get lucky and see 30% returns. In 5-7 years, you could also get unlucky and see 30-50% losses. You just don't know which you're going to get, which is why you go into investing with a 20-30 year view of the market. At your age, it's going to be much harder to ride out the tough times when you see a good chunk of your net worth vanish before your eyes.
That said, I'd still recommend opening a brokerage account. You probably won't see much growth since compounded growth is backloaded, but your kids, grandkids, nieces, nephews, heirs, etc. could potentially see tremendous growth if that money is given time to grow over the course of 25-30 years.
I agree ...time is your friend ..once you lose the time it puts an awful lot of pressure on your time frame being a good one .
At this point, the target date funds for retiring in 2025 or 2030 are going to be on the conservative side but should still be better than the savings account/CD option.
Why must it be a new account? Your amount is relatively small and will may not even meet minimum investment levels at many brokerages.
Regardless of the answer to that question, assets must be invested in relation to the entire portfolio. For $500 I would add to an existing investment.
Before you invest any of these additional funds, review your portfolio to ensure that you have liquid assets to cover your emergency fund needs.
Quote:
Originally Posted by Lillie767
I think China is a good bet and would look at Matthews Asia Funds. Add some spice and entertainment.
Sorry but your first post would tend to suggest people not follow subsequent posts for advice. The firms listed are lower cost firms that would be more than willing to accept 20k+
Sorry but your first post would tend to suggest people not follow subsequent posts for advice. The firms listed are lower cost firms that would be more than willing to accept 20k+
This NEW account will only be for $500/month. The OP did not say he intended to transfer his existing accounts to a new manager.
The major firms (Schwab, Fidelity, TD Ameritrade, E*Trade, Merrill, TIAA, T Rowe, Vanguard, American Century) will all be happy to open your account with what you have saved. You told us a lot when you said you wanted face to face contact, so keep it to firms with walk in offices. You didn't like Schwab, so eliminate them along with TD Ameritrade. The last three options don't have walk in offices, so eliminate them. (T Rowe does have a walk in office near Baltimore, but that is a long drive for you.) Fidelity, E*Trade, Merrill and TIAA all have walk in offices and are good firms with every investing option you might be interested in. Fidelity is in Scarsdale, Rochester and Albany. E*Trade is in Scarsdale.
The only problem is that the offices are presently closed because of the pandemic, with no timeline as to when they will reopen.
I agree ...time is your friend ..once you lose the time it puts an awful lot of pressure on your time frame being a good one .
Ok, mathjak, we are fully aware of that, and I'm sure you've read my story, so you know we know we are behind the 8 ball.
BUT, what are we to do? Curl up and die? I ly park money in a no interest bank account?
No, I never said we'd be touching the funds. At least not for a while. And I think we could add at least$300-500/m,even only onthe early years of SS.
My OH s fra is 66, 10 m. That's actually less than 5 years for my OH, and that may actually be all physically my OH can work.. another 5 years.
In 5 years, I'll be 62, and my SSDI can convert to Regular SS, but if I continue to work part time, I will surpass that. I will have to check to see if my SSDI can convert at my age 67.
The original plan a year ago was for my OH to work to age 70for tte bigger SS ( my OH has only worked part time or no time much of life, I worked mostly full time much of my work life, don't SSDI is actually above the "average monthly SS benefit" NOW. As I work, it gets added to, and goes up, but is still at the SSDI "discounted rate", regular SS based on work/earnings history at 62,65,67 should all be higher, IF I can go to regular SS.
With my medical issues, and my OH having issues (Paget's bone disease) now that weren't so bad just a year ago.
But, my original point is: we don't HAVE to touch savings, so it can go on more being added to (just a smaller amount), and NOT touched for more years..up till my age 78, my OH 82, if then.
Sure it needs to be a bit more conservative, but that can be arranged.
The big difference is they can do things they could not 20-30 years ago to help MANAGE the pain I'm in every millisecond of every day (always in pain, just sometimes mildly some time so severe I can hardly walk. Same for my OH, who not only has Paget's on one side, but osteoporosis on the other.
Two years ago, one year ago plan was to both work at least another 10 years in some capacity, save as much as possible, then not touch it for another at least 5, hopefully 10 years.
Mathjak , you still work part time.
As long as physically can, we will too, and save as much as possible! We may eek out a 60% savings rate. Food gas and utilities are the UNKNOWN as far as expenses.
I didn't ask this thread to be reminded"were out of time, especially since the new funds have at least 15-20 years to grow before hopefully being touched.
If we need to access before, fine, we will. The Roth's will be the last we touch.
Our move to Cheaper southern local will also help. And the SS statement payments, even if they cut SS, should be enough in the future to live and save. My
Of course, if someone in office has his way to dismantle SS, all bets are off, in which case the most we can save/grow will be best!
Thanks
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
