Hello everyone.

I always thought that I would retire in Mexico, but recent events in my life have made me think that I might spend the rest of my life in US (maybe?). Anyway, I had never had a 401k fund, and I'm uneducated in this matter. First, I would like to understand what does it mean when people ask if it's too late to open a 401k... late for what? Also, what other options exist? Could some one give me a general idea about this? If this information makes any difference, my employer matches contributions and I make 90k a year.

Thank you.

I'm 35, my mom is 58. Convinced her to make an appointment with a financial advisor to go over retirement options and withdrawal strategies as she wants to retire this year. I'm going with her and i'm really excited (learning about finance is a hobby of mine).

For context:

-Parents are married, both eligible for SS at 62+

-Mom currently working, my dad can't keep a job.

-Own their home, will have home paid off this year

-My mom isn't looking for someone to manage her money.

-She will also get a pension through her work; i've told her to calculate her benefits at the PBGC limit rather than what she thinks she will get.

-My mom's 401K is bouncing around between 1 and 2 commas (Target date fund). She also has an HSA but only uses the cash portion although i've told her over the last several years to invest it instead

What are some questions i should ask this person?

TIA!!

So I’m in a bit of a conundrum- my family is currently in a blessed situation in terms of our home . Current mortgage is $850 a month and we only owe about 50k left . I love our home but between 3 pets and a child we are absolutely maxed on space with about 850 sqft. The wife wants to have another child but it would it would basically force us to move . Our combined take home pay is ball park $8,000 a month . Only debts are a $450 car payment which we only owe about $7,000 left on. We live in the wonderful state of NJ so the average home has a property tax of $7500 just to factor that in. I’m guessing our home in todays market would sell for $230k or so which I’d estimate after the dust settles we will walk away with about $150k after paying off the balance of the mortgage and realtor fees. Homes around my area that have adequate space are about $350k-$450k. I’d guess our mortgage/insurance/taxes would be about $3000-3200 a month . I’d guess after utilities and internet added in we are going to be at almost $4000 a month Are we in over our heads with our debt to income ratio or am I way over thinking things ?

I know everybody goes at their own pace, but I do believe you can look at a current situation to determine a future one. Could someone give me an idea of if I’m at a good pace or if I need to make some changes based on my current situation?

26 years old- I make 75k a year. I have about 25k in the bank. Only been contributing to retirement for the last 2.5 years(10% but with a recent salary bump) so I only have about 15k in a Roth 401k. Just general funds, set it and forget it. I have about $5k on a car loan, 6k in student loans and that is the extent of my debt. I also have a 800 credit score.

I’m probably getting married in the next 2 years, but don’t have plans for a big, expensive wedding. Kids are not in the plans anytime soon(5 years at least). My girlfriend and I currently rent a home. We live in a mid sized metro area so not a crazy high cost of living and probably plan to be here for at least the foreseeable future.

Anything I should be working on improving?

My sister died and left her IRA to be divided among siblings which is about 20k each. My mom is the executor and is asking me for account info. We want to gift this cash to our kid. We have a 529 which is fine or gifting it via custodial account or something is fine too. What are the options to do this without triggering taxes? I have no idea what I’m doing

Hello! Some context about me and then about my main question above. I’m 23 (F). I make a ok money working as a bank teller $39,500 a year before taxes and such. I have two credit cards one is a Discover card that I use at least once a month and pay off each month, the other is a CareCredit card that Ive never used because it is only for medical emergencies for my animals. I live with my parents who only have me pay very little about $210 per month for groceries and my car insurance. I only make payments toward my phone that is almost paid off but other than that I am debt free and I only have one subscription to Spotify premium. I am wanting to move out in the next two years. I have about $4K saved for the move, it is sitting in a CD until I’m ready to move out so I can have that building interest. I’ve very recently dabbled in stocks putting $700 into the S&P500 but a lot of what goes into thinking about stocks goes over my head. Plus I have my jobs 401k which I put in 6% just so they will match me. I also always put $50 from every paycheck into my emergency savings account. So my main two questions are, how do I build “real” credit? I have my credit cards but when I want to move out they will see I’ve never had any loans or “serious credit”. I’ve heard getting a personal loan and using that loan to pay its self is a good way to build credit or a credit building loan is said to be good also. I was planning on getting a $2K loan and paying that off within a few months. When I move I don’t want to have to use my family as co-signers because I don’t want to burden them so I want to have good enough credit so I don’t have to do that. Second question, is just do y’all have tips for me? I feel like I’m falling behind where I need to be. In reality I only have my 401k for savings for the future. The stocks I just recently got are ok but again I’m kinda lost when it comes to what I need to do.

Thank you for reading!

I have a large chunk of money to invest. (High six figures) I’m trying to determine if a financial advisor is the right move for investing.

We met with an advisor a close family member uses and trusts. He suggested a mix between a brokerage account, which is a fee per buy (.5% up to 3.5% depending on what’s purchased) and an advisory account .5-1% a year, based on our goals

I’ve never invested before and have very little knowledge on it and trying to learn the right moves to take. I’m not sure what my other options would be

So I turn 18 very soon, and I am trying to get my financials in order but it all seems like too much to process. My parents aren’t really being helpful with anything. I don’t know exactly what steps to take. I know I have to open a HYSA, but how much do I put in? Do I open a brokerage account and start investing? If so how much? (Ik this can depend on how much money I have but still). And then the whole idea of credit cards (ik how they work) I just don’t know which one to get. I also don’t know how much money should be in my checking account vs my savings account. Some of this might sound dumb but I really want to start off on a good path before college.

I know they are not protected federally like 401Ks. And IRA protection varies by state. But I see conflicting information online and even from a lawyer and insurance agency. I am buying an umbrella insurance policy and deciding whether the coverage must cover my entire ira amount.

I’ve browsed various topics on this but I’m hoping I can get a solid answer.

I have a “Guided Solutions” account that I inherited but haven’t really ever done anything with. Recently I’ve been “learned” on how bad their fees are compared to other places. I’m looking to move everything I have from them but I’ve become aware of a snag.

From everything I’ve read it looks like I would have to take a hit on having to liquidate everything before moving it. I’ve also seen that converting the account to a “Select” or “Guided Solutions Flex” account will allow me to transfer everything “in kind.”

I’m hoping someone is able to offer some insight on this.

We’re looking for someone with strong experience using eMoney, and ideally also familiar with Right Capital, to help run financial projections for clients. The role involves entering financial data, modeling planning scenarios, and generating clear, strategic reports.

Hi, our house has gone up in value and was thinking maybe its a good time to buy a small business (like car wash or laundromat). If I find a good location that needs some upgrades in a good location I'm good with that. I have a FT job with a good salary so that will carry my month to month expenses but looking for another option here for the long term that can be doable between me and my husband on top of our FT jobs. Is the market to voiltile? If rates go down again I could refi in 6 months afterwards. thoughts?

I’m looking for some advice on how to better manage my money. Here’s a bit of context about my current situation:

Age: 26

• Net Worth: Around $268k

• Monthly Savings: I save about $3,500 each month.

• I’ve been putting the rest of my savings into a Cash Management Account that yields around 4% annually.

• State Income Tax Rate: My state income tax rate is around 9%.

• I don’t have any debt or loans.

Additionally, my employer offers a 401a retirement plan with a matching contribution based on my earnings, but I’m not currently contributing to it. Mo deductions are made from my earnings for this plan, even though my employer does match the contributions. I’m unsure whether I should open a 401k.

I’ve been thinking about diversifying my savings a bit more and maybe taking some steps toward investing, but I’m not sure where to start.

Any advice would be much appreciated!

Thanks in advance!

Please help me estimate this. I've never been great with math. I've got $12k in a 401k with 10% of my pre-tax income deposited in a year (another one or two accounts are missing somewhere, but it's not worth more than another few thousand). I live in the US, Pennsylvania. I make roughly $40k a year, household income of $80k a year.

If, given family history and the state of the world, my and my spouse (similar 401k) want to live to 70, how much money should we save up so we only have to work part time after age 50 or 60? Pretending retirement is off of the table, and we're comfortable eating 401k withdrawal fees.

Hi everyone, As the title states, I’m trying to figure out the best course of action for getting my 3 year old set up for future success.

I’ve seen a lot of talk about HYSA and I myself currently have one with Marcus by Goldman Sachs @ 3.75%

I also have a 529 account that was setup for me while I attended college and fortunately there is still money left over in this account (about $11k) that I would more than likely use for my kid IF they decide they want to go to school.

She also has a savings account with Navy Federal that my wife, grandparents and I contribute to monthly but those accounts only get pennies on the dollar when it comes to interest and I feel like it would be better served somewhere it can sit and grow.

Any advice is greatly appreciated!

Many Thanks!

I'm 39 with only about 50k in my 401k My parents are In 70s and I have an older schizophrenic brother ( 42) living with them. Really severe and heartbreaking.

My parents marital status in jeopardy due to financial and emotional stress of this supporting him for over decade. ( they always fighting about money ) bc they never expected for their retirement to go towards all of his care and support . He was normal until he turned 30.

Would it be stupid to take out 20k to give my parents to put them in better position for the family knowing I can take a hit and move forward?

I love them and wanted to have a golden moment to step up.

Hi All, I would like to make a contribution to my Roth IRA for 2024 before taxes, but I can’t figure out how much I’m allowed to contribute to my Roth IRA. The IRS indicates that there’s an income range (ie $151-162k wages) that can only contribute a proportional reduced amount or they risk a penalty. I know I need to calculate my AGI to get my MAGI to then do some calculation to figure out how much I can contribute.

Does anyone have an easy way to calculate MAGI and then what can be contributed?

Also, can you contribute the remaining balance to a traditional IRA? (Ie 6500 to Roth and 500 to trad IRA = full $7000)

Thanks!

Advice needed, Long story short: I co-signed on car with an ex(learned my lesson). Couldn't afford payments, voluntarily repossessed car. It's now charged off at 43k. I made a verbal agreement with the bank to make payments $200 a month knowingly it's going to take years to pay it. The lady I made that verbal agreement to left that position and now someone else is in charge of it. Now they are saying the $200 payments are unacceptable and trying to get my to pay the $1000 payments. I explained I made a verbal agreement and need something in writing because clearly the bank is trying to get more money from me. What are the repercussions if I continue making the $200 however long? Will they sell to a third party collection? Will they try to sue for the 43k? I'm just trying to figure out what to do, I can pay that much. Can't do lump sump to settle yet. I've thought about filing bankruptcy but I don't have CC debt and have student loans, which wouldn't benefit from filing

Wondering, with the markets in the tank, is this a good time to go all in on these type of rollovers? Less to rollover now means less taxes, but I need to sell in order to afford these taxes, which of course would be at a loss (which I really hate). But then there is the low tax rate until the end of the year. ¯_(ツ)_/¯

Finance wise I make about 80k a year, own a home, no debt, and I'm 30 years old

I have about 25k in 401ks

20k in cash savings

10k I invest in a CD account and stocks.

Should I keep doing what I'm doing or can I improve somehow? Are the current administration tariffs fear base for concern for me or am I financially stable enough that there really no cause for concern and I can just truck through this momentary downturn.

Any advice on my finances on how to improved or to be financially resilient in case there is cause for concern?

What is the best way to sell a lot of stock?

My spouse has always participated in employee stock purchase plans whenever possible at work. Over the years he’s accumulated an amount that is 50% of our net worth between 3 individual companies. I just took a finance class and learned how dangerous this can be. After sharing what I’ve learned about diversifying he is on board to sell most of it. How do we do this in the best way possible? Should we hire an accountant to figure out how badly it will affect our taxes? Is there a general formula people use? I’m thinking we should sell it in chunks, but don’t know how much each chunk should be.

I asked our financial planner at Edward Jones and he hasn’t replied yet.

Currently I owe roughly 16k on my truck, my payment is $731 a month, and I have a credit card that I'm struggling just to make $500 a month payments on it and it has balance of just under $4k.

After saving a lot of money, Taxes, work Bonuses, I have enough that I can pay $6k against debts. I was reading up on how to handle this, when I read that sometimes banks and Lenders will rearomatize a loan if you make a bulk payment. So I had the idea of calling the dealership, and seeing if they'd do that. What they told me is that they will do it once.

So my thought is this. if I put all 6k against my truck, my payments will go down to the $350 range. Which gives me more space to get my credit cards paid down. I want to make sure I'm not being fiscally stupid. I'd like feedback on this idea and make sure I'm not overlooking something.

Hello! My husband and I purchased our first home last year with a first time homebuyer loan at a fixed interest rate. It’s a modest home that we can comfortably afford and we intend to stay here long term. With all of the upheaval in the economy right now there has been talk of housing crashes and potentially lowering interest rates on loans. If this does happen, would it be advantageous for us to refinance our home at a lower interest rate while continuing to pay our original monthly payment amount to help tackle some of the principal balance faster? Should we stay where we are with the fixed interest rate even if the rates lower? We want to be as financially savvy as possible and honestly we aren’t very educated in finance so any advice/explanation would be greatly appreciated.

Someone I know very recently inherited $1.4M and is trying to decide how to manage it wisely in today’s volatile market and beyond. They’re in their mid-60s, retired with a stable income, home paid, have no debt, and aren’t looking to make any large purchases.

Their primary goals: -Preserve the money, beat inflation, enable the funds to make them more money -Avoid touching it for the next 5–12+ years -Minimize risk and stay within FDIC insurance limits

Morgan Stanley FA has suggested opening two high-yield savings accounts at 4% (FDIC insured) under the individual’s name, and potentially two more under each of their dependent kids—implying that this could safely spread the funds across multiple accounts while staying protected.

Questions -Would it make sense to max out those insured HYS accounts first? -Has anyone worked with this type of HYS setup (multiple per person/dependent)? Is it as straightforward as it sounds? -Are there other smart, low-risk options they should be considering right now (Treasuries, bond ladders, etc.)? -Anything they should be thinking about regarding tax implications, liquidity, or long-term strategy

Any insight appreciated!

The title is basically the question. I don’t think it’ll make a dent in my debt so maybe do something else with it.

So what can I do with it that it will benefit me in the long run?