Planning—Other / Planning Advice
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Anon
Jan 13, 2023
Planning Advice
I’m turning 30 and want to set myself up with something that will give back in the future! I'm single, rent, no kids and data as follows: $23k in the bank, $2k emergency cash, $16k in my brokerage account, and about $36k in my 401k. Given that what should I do get myself in better shape? I have been told to look into a Roth IRA and put the full amount into. Is that a good start (birthday gift to myself)? Open to any ideas, thanks in advance.
Replies (6)
S
Jan 14, 2023
@Anon, that's a neat idea to give yourself a gift like that! Can't say here for certain what you should do but a Roth IRA sounds like a smart idea. You might want to bulk up your emergency cash (to something between 3 to 6 months of expenses) and if you have a high deductible health plan, you have the choice to add $$ to a health savings account too.. these are 3 solid choices in my humble opinion!
You may find this lesson relevant and helpful.
Click on it below and a new tab will open and take you directly to the lesson.
Boost Your Retirement Savings
Retirement Planning
8 min
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Anon
Jan 16, 2023
@SusanIQB, thanks so much, good validation and ideas!
V
Jan 16, 2023
@SusanIQB, without knowing anything more about you, the Roth and HSA are good suggestions if you qualify. Another one to add here is to increase your 401k contribution too.
Jan 14, 2023
@Anon, Do you have any debt? If you do like high interest ones like credit card or personal loans even, you might want to wipe those out for good and a great way to celebrate a birthday IMHO.
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Anon
Jan 16, 2023
@NataliaTWS, good Q! No, I have student debt and no other debt.