No. of Recommendations: 0
I have a general question. I am wondering if I need to be utilizing both a 401(k) and an IRA. Here is my situation:

I am 25. I have about $33,000 in my 401(k) right now. I do not have any sort of IRA. My current salary is $70,000 (and I can make up to a 50% yearly bonus, but I am not counting on that). I put 15% (the max allowed) of my pre-tax salary into my 401(k) and plan on always doing so. I do not own a house.

I am wondering if I should put additional money into an IRA or if I would be better off keeping that money in an account that I can access before retirement. I am thinking I should not get an IRA yet so I can save up for down payments on a house and new car quicker, then looking into an IRA after I buy a house (within the next 5 years or so).

Thanks,
Brad
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement