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Requesting recommendations and resources: Almost 50, after a few boom and bust years, I’m finally debt free, but have zero savings or retirement, and make nort

Requesting recommendations and resources: Almost 50, after a few boom and bust years, I’m finally debt free, but have zero savings or retirement, and make north of $200K. I have a partner to think about in my plans (so, retirement for two). Job will let me work from home permanently, so I’m moving to Nevada. I can aim to max out 401k contributions, and then what? I consider things like side hustles (with my partner) that could generate additional incomes which would go straight to retirement. I considered investing in a B&M business that would generate modest income that could go to retirement but that’s a weird option given pandemic circumstances. I may be generating more income at some point that would let me pivot to self employment with non-salaried caps on income, but I won’t know for about a year (side hustle generating money isn’t past that “it’ll be stable now” maturity level yet).

sigstoat 6y ago
the bogleheads wiki and forum is of course, a great resource, better than HN for this. > I can aim to max out 401k contributions, and then what? unless your 401k has extremely good expense ratios (<0.1%), i'd: put enough into the 401k to get the full employer match, then max vanguard/fidelity/schwab IRAs for yourself and your partner. then go back and max the 401k. (i think you'll want to do a backdoor roth on that IRA, but i'm not familiar with that, as my income isn't quite there yet.) at 200k i expect you can pull all of that off easily enough. > I consider things like side hustles... at this point you're already generating more funds than you can squeeze into tax advantaged status. so... make as much as you can, save as much of it as you can, and aim towards investments that produce fewer dividends, so that you can reduce your tax burden.
- throwaway50ish 6y ago
  Thanks, will dig into researching this.

sigstoat 6y ago

the bogleheads wiki and forum is of course, a great resource, better than HN for this. > I can aim to max out 401k contributions, and then what? unless your 401k has extremely good expense ratios (<0.1%), i'd: put enough into the 401k to get the full employer match, then max vanguard/fidelity/schwab IRAs for yourself and your partner. then go back and max the 401k. (i think you'll want to do a backdoor roth on that IRA, but i'm not familiar with that, as my income isn't quite there yet.) at 200k i expect you can pull all of that off easily enough. > I consider things like side hustles... at this point you're already generating more funds than you can squeeze into tax advantaged status. so... make as much as you can, save as much of it as you can, and aim towards investments that produce fewer dividends, so that you can reduce your tax burden.

throwaway50ish 6y ago
Thanks, will dig into researching this.