Hi Mustachians!
I'm very much a newbie here and very much an amateur with investment. I'm taking the first real steps on my investment journey now, and had a question about how to best invest.
I currently have only one investment in my portfolio: a Vanguard Target Retirement Roth IRA (Target year 2055). It's not been an actively maintained investment. I've had it for two years now, having first opened it under the advice of a college friend. It only has about $6,500 in it as, up to this point, I've been a lackluster investor and saver.
Now, I'm taking control of my savings and reading up on how best to achieve FIRE. I want to start putting my savings in the good ole VTSAX. I figure that will be pretty much the only or at least the main thing in my portfolio for a long while. I've around 18,000 a year I can feed it, which may not be great but it's a fine start, I feel!
But the Roth IRA is just sitting there, with it's $5,500/year limit and its almost 40 year countdown before I can even touch it. It does nothing to help me achieve FIRE and would only be a draw off of my already limited investment dollars to keep piping money to it.
So my question is: would it be better for me to take the withdraw fee hit and close out the IRA fund, letting me put those funds and all future funds exclusively on investments that I can a.) put however much I want in and b.) access whenever I'm ready? Or should I leave the IRA alone and just count it as a loss for the next 40 years until I get access to that small amount already invested? Or something that I'm not thinking of?
Any help would be appreciated! ^^ This is my first big step and I'd like to make it a good one. :D