UnThreaded | Threaded | Whole Thread (40) | Ignore Thread Prev | Next
Author: HELJinCT One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Fledgeling Retirement Investor Date: 11/15/2004 11:22 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Alright, without sounding like too much of a newbie, here I go.

Just turned 30 and looking for advice on how to safely (yet wisely) begin building my retirement.

Assets:

- Approximately $100,000 (maybe more) equity in a home
- Approximately $4,000 in my brand new 401K
- Approximately $10,000 in savings
- Auto worth about $3,000 (this week)

Debts:

- Approximately $220,000 on mortgage
- Approximately $12,000 on an auto loan
- Approximately $12,000 in student loans

My annual retirement elections and such are coming up now and I need to make some decisions on what to put where.

I don't have retirement goals yet. This may sound odd to some, but it seems like I would be the first in my family (history) to even have a retirement. My parents both work still and have no savings or retirement. So I am truly novice regarding this stuff.

Right now I am contributing about $500 per month to the 401k, and it's split up across several Fidelity funds, ones that seemed to do well over the short term and long term (in my very limited and inexperienced financial view).

I understand the basics of an IRA, and the basics of a 401K, but not sure which is the best for me, or if I should do a little of each, etc.

The 401k max this year is 14K, and I think I might be able to reach that but it would stretch me very thin.

I know it's wise to put as much away as possible for the future, but its also tough to spend the meat of your life (between 30 and 50) without any spending money at all because you're saving it all for the rainy day at 65+.

Thanks in advance for any suggestions.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (40) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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