Retirement Accounts/Long-Term Investments General

Even though you can't save much, your advantage is time - use it wisely. Putting in $3600/year now and for the next several years will be much better than only saving several years down the road when you can contribute the max.

Also, it sounds like you were auto-enrolled in your 401k - you should check to see if your employer will match more, for example 100% of your contributions up to 3% of your salary. Always contribute up to the employer max - it's free money and an automatic 100% return. Over the next several years, try to bump that contribution rate up - maybe 1-2% a year - until you're either maxing out your 401k contribution limit (currently about 18k annually) or you're at about 15% of your salary

401K
IRA
Equities
Bonds
Real Estate
Commodities

Limiting yourself to just one asset is a recipe for failure. I max out my 401K and IRA. I invest in ETFs to cover equities and bonds. I rent out my spare bedrooms and plan on investing in more rental income in the future. I will purchase physical and silver gold basically because my wife is Paki and gold is like the fucking holy grail to them shit stains.

I'm going to be making $100,000/year next year. That's starting salary
>tfw you can't get IRAs
Guess I'll stick with a 401k and save up until I get into real estate.

>>1686109
I'm in college at the moment, but that's the pan for the future.

Though if you're able to max out a 401k annually you probably have nothing to worry about.

My investment plan right now -

> 1.) Get close to maxing out Roth IRA contributions by age of 25
> 2.) Have a 401k constantly taking contributions, hopefully employer matched like I have right now, until I retire, maxing it out every year by the time I'm 35-40~

To make the next point easier and shorter to explain, I'm on track to become an officer in the Navy for 5 years after college is done. This is a personal life choice, not an economic one. I don't expect to become rich from it, and I know it puts a dent in my financial future in some ways and benefits me in others.
> 3.) Use Military benefits to cover most life costs (On top of having food/housing/transportation covered for those 5 years of service) such as cheap health insurance/veteran retirement plans and rates
Military also means the GI bill ensures I have zero debt from my bachelors and will pay the majority of graduate school if I pursue it.
4.) Have about 10% of all income put into emergency savings until I have enough money to cover about a year and a half of living expenses without income.


Technically the last two aren't investments, but I'm not sure what else I'd invest in long-term (not a big fan of trading, I'd prefer to have the tax benefits from retirement accounts rather than get fucked by commissions and fuck ups)

Anyone care to red pill me on other investments to aim for in the future to have a comfy life after 50-60?

New to /biz/ here, from my reserch Roth IRA's are the best for retirement savings, but where's the best place to open one? Like highest interest rate?

>>1686198
Use a backdoor Roth IRA

>>1685819
Get the match on the 401k first. That's free money.

>I get matched 5% :)

Contributing to your Roth is also a great idea. The earlier you start, and the more you contribute the better. Compounding returns really starts to add up down the road.

Good luck.

>>1686198
The threshold is like 117k-138k...

>>1686198
Contributing to 401k also lowers your MAGI, so you can get into the legal limit for roth IRA

>Max TFSA, use it to buy home sometime in the next couple years
>Max RRSP

someone explain to me why the US doesnt have simpler names for their savings accounts?

>>1689087
Hey me too canada bro.

Although I'm going to w/d from RSP under first time home buyers to buy my house.

Then withdraw from TFSA in a few years to buy a rental property.

I think at a young age TFSA savings is a higher priority than RSP so you don't have to pay as much in tax when you withdraw it later on.

>>1689091
yeah im 20 rn, so im maxing out tfsa, and rsp after cause my rsp has a lower limit rn