Hi there,
I'm trying to figure out what the next best investment move for me might be. I am 33yrs old, would like to retire by 50. I have a 401k with about $90k, a brokerage account with about 55k, a whole life insurance account, that i contribute $5k/yr that pays a guaranteed dividend of 4% + and can be paid out as an annuity to myself once I reach a certain age. It has about $20k. I own a home with about 100K in equity and I have a savings account with about 70k.
I'm looking to do something with about $35k from the savings account, and leave the other $35k as a cushion. I'm wondering if I should do a Traditional Ira or a Roth, or fund a brokerage account or both? My tax bracket is at 28% currently.
Is it better to max out the 401k first and then look to IRA's? Also, wondering about the whole life insurance account, it was presented to me as an investment, but i'm wondering if that $5000/ yr would be better allocated into an IRA. Any feedback would be greatly appreciated.
Thanks for the advice!