Maybe THIS Is How I Can Stop Working
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Post date: 2019-09-13 03:59:43 |
Views: 187 |
For the first time in, like, ever, I'm doing more active thinking about retirement savings. I'm ready to take a trembling step up from my current "throw some money at my IRA once a month and also do any 401ks at my jobs" habit; I have two questions inside.
1. First, I need a recommendation for a product. I have an existing IRA, but I'm not happy with the return rate on it at all (which is basically bubkis) and have been thinking about switching it. When I was looking around, I spoke to someone who told me about target-date funds; I got REALLY interested in that, because it automates the distribution so I don't have to think about it. (I do not want to think about this kind of thing more than once a year.) So I was thinking of opening such an account; but the question is, with whom? ....I have some money in a 401K account from my last job that I would use to start the target-date account with by simply rolling it over; then I'd monitor it for a year, and if it looks like it's getting a better rate then I'd roll my existing IRA over into it.
2. Second: is there a good rule of thumb for "how to figure out how much money you should save for retirement"? I've looked at several articles this morning, and the suggested amounts range from half a million to 3 million, which is quite broad. I am single with no children, and while I have always planned to work until the traditional retirement age of 69, I'd love to retire early if possible. (And if saving only half a million would do it, that might indeed actually be possible.)
Caveat: thinking about money at all gives me anxiety, so I'd like this all to be as hands-off as possible. Please understand that; my understanding of finances is only about one step above putting all your money in a sock and hiding it under your mattress. (But also understand that I've set up hands-off ways for me to meet current financial goals, and they are working a treat; within only one year I have HALVED my personal debt, and I will be debt-free by next May.) |
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