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URL:  http://boards.fool.com/i-am-also-determined-not-to-live-off-of-social-30834710.aspx

Subject:  Re: Roth 401K-brokers that allow individual stoc Date:  8/20/2013  4:55 PM
Author:  aj485 Number:  25115 of 25619

I am also determined not to live off of Social Security, like my parents are now. If SS is there when I retire, fine. If not, that needs to be fine too.
If I max out our 2 Roth's that's only 13k per year. That won't be enough.


You're right. IRAs alone are not nearly enough, even if you were only in your 20s. Being over 50, not wanting to use SS to live off of, and having only $5k in your current investment portfolio? You probably need to be putting away mid to upper 5 figures each year, depending on how long you want to work, and what your expenses in retirement will be.

Where do I put the rest?

Taxable accounts are options, in addition to 401(k) accounts.

If, for example, I had a Roth and a Traditional IRA is the max contribution per person? Rather than per account?

The contribution limit is per person, not per account. Each individual can contribute $5,500, plus a $1,000 catch-up contribution to a Traditional IRA, a Roth IRA or a combination of the 2.

Not sure if the cost of a 401k can be justified.

Well, if you are willing to invest in index funds until you get enough accumulated so that you can be diversified when buying individual stocks, Vanguard's plan costs $20 a y