Looking for the financial wizards out there...or just those with practical experience.
I am 44, have a good paying job, and I am putting 6% of my pre-tax income into a traditional 401k. My employer has a 3% match on the first 6% of income, so I am maxing my company match. I intend to start saving more for retirement. My rate of savings has bounced around over the years due to family events...but I have always maximized the company match.
Question - If I intend to save more for retirement, what options do I have besides my employer's 401k? Pros and cons of those options?
Maybe a Roth or something else I may not have considered? I don't mind guiding my own investments at a mutual fund level. I would not go after individual stocks. I check in on my current investments about once a quarter. I may rebalance, but rarely change the investments I've selected.
Related notes: I have a pension - I would have to dig to figure the estimated payouts. The company has "shut it off", so I think it will pay out the years of service I had when they stopped offering pensions to new employees. In addition, I am building an emergency fund with an on-line savings account that is paying 2.52% APR.
Thanks!
I am 44, have a good paying job, and I am putting 6% of my pre-tax income into a traditional 401k. My employer has a 3% match on the first 6% of income, so I am maxing my company match. I intend to start saving more for retirement. My rate of savings has bounced around over the years due to family events...but I have always maximized the company match.
Question - If I intend to save more for retirement, what options do I have besides my employer's 401k? Pros and cons of those options?
Maybe a Roth or something else I may not have considered? I don't mind guiding my own investments at a mutual fund level. I would not go after individual stocks. I check in on my current investments about once a quarter. I may rebalance, but rarely change the investments I've selected.
Related notes: I have a pension - I would have to dig to figure the estimated payouts. The company has "shut it off", so I think it will pay out the years of service I had when they stopped offering pensions to new employees. In addition, I am building an emergency fund with an on-line savings account that is paying 2.52% APR.
Thanks!