Anyone else feel completely clueless about retirement options and all of the backdoor-this and max out-that hacks? I'm in my early 30s and feel like I should have a better handle on this by now but I end up just leaving it to a standard 401k contribution to a random set of funds I know nothing about.

Am I cutting myself short here? Or missing some really important secret?

likehelpful
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I was exactly like this until age 31 when I discovered personal finance and it quickly became a passionate interest. I found it via the FIRE movement and Mr Money Mustache (blog). For beginners, I love the Instagram account Personal Finance Club and the podcasts ChooseFI and the Money Guy Show.

If none of that appeals, the easy answer is to just max your contribution as much as you can possibly afford and put it in a target date index fund (these funds have years in the name, like 2055 or 2065). The later the year the higher the risk, which is great for buy and hold investors which is what you want to be in your retirement account. You can do this!! Good luck :)

helpfullike

Not too late but you should do your homework and understand all the types of accounts and their tax benefits. Otherwise you'll just end up realizing later you are a few millions behind what could have been by using a conservative strategy.

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Tax free investments are really a big hack. Invest as much as you can afford to.

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Same.

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And same.

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Absolutely. There are sooo many great options to maximize your wealth. Def worth it to do some research here. Or I can send you my FA’s number if you want to talk to a CFP who can help simplify everything.

helpful

My two cents is to find a good finance and wealth management team. Don't try to be an expert. I've used Edelman Financial / Alight for about 10yrs now and am very happy. I talk to my dedicated team a couple times a year and they patiently answer all my questions. Money has done great. I peek every few months but overall I know they've got it handled.

helpful

Good point! Also our firm offers annual free meetings with advisors from the company that manages our 401k. OP your program probably does too so that’s an easy and free place to start!

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Thanks everybody! It's good to know that I still have time but could definitely be doing better by myself. Appreciate the insights and offers, I might hit some of you up for more info.

Ugh it's all so confusing.

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Read The Simple Path to Wealth. Really good beginner book that explains it all👍

likehelpful

Same

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Goal is to save 25x retirement expenses and be in position to withdraw 4% annually when retired.

Max your 401(k), your HSA and IRA (presumably after tax)

Take the time to lookup back door Roth mechanics to see if applicable for you.

Low fee index funds and target retirement funds are key as fees eat you alive over time, and on average result in worse performance.

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Thank you! This is super helpful I'm! I'm currently contributing the $19,500 to my 401k that I think I'm capped at but it is to target funds and I'm doing very little to HSA because I'm not familiar with that. And have zero clue what a backdoor Roth is despite seeing it referenced int his bowl.

Guess I've got some reading to do. I appreciate the insights!

I just learned that you have to invest the money in your 401k so I think you're probably doing better than me... Thank God i won't be retiring for 30+ years 😬😬

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