Are there any basic rules to follow when it comes to saving and investing for retirement? Like max out 401k first, then invest. I am just starting to think about and want to know where to begin!
The correct answer to this question is as unique as you are, but here are some general guidelines. It makes good sense to fund your 401(k) plan up up to the company match amount. That's a good place to start. After than, fully funding a Roth IRA is a good second step. From here, if you still have the budget to fund additional retirement accounts, you have a number of good choices. The simplest of these is to continue contributing to your 401(k) up to the limit. Another choice might be to contribute money to a non-tax deferred account and choose investments that are relatively tax efficient.
Beyond this, a lot depends on your individual situation (income, age, time to retirement, tax bracket, etc.) Consult with a qualified, fee-based, independent financial advisor to learn more and get the guidance you need to reach your goals. | 10.14.15 @ 17:50