I got my house paid off, now I have extra cash.
Should I max out my 401k? At my age (53) I can stash $24,000 a year. But, there is no match from the employer and it's got a 1% annual load. Hint, it's not Vanguard.
I want to retire ASAP, but I won't be able to touch these funds until I'm 59 1/2.
I can almost retire now on my tenant rents income of 2k a month, but I need a little more to feel safe.
I can bank away about 50-60k a year if I keep working. Should I put 24k in the 401k, and only 26k in a Vanguard index fund, or should I put the whole 50-60k nut in Vanguard?
Would the tax benefits be worth putting 24k a year into the 401k?
Thanks,
JD