Good Day!
I am 55, 95k salary; fully funding work 401k.
$400k in 401k; $30k in pension fund; owe $225 on house appraised at $400k. Do not want to move for at least 5 years.
No other debt.
Will likely inherit ~$650k worth of private stock within 5 years. Don't want to bank on that per se though. If that does happen, I would likely retire soon afterward, if it doesn't, then probably closer to 62 when SS would start.
I have started saving more and will have ~30k shortly and then likely another 15k per year going forward. I am currently looking at other jobs that would likely result in another 20k I could save.
My question is where should I start putting the new money I am saving? I typically like the standard US Total index fund, just wondering about the myriad of IRA and 401k options.
My employer offers post tax 401k contributions and a Roth. I could also setup a roth or ira outside of work; or simply invest in index funds outside of any retirement fund.
My current AGI is around 50k, so it seems it would it make sense for me to put 7k/year into a non-work standard IRA as I can deduct that money from federal taxes?
Any other ideas? I am thinking after the IRA of setting up a Roth IRA either with work or outside.
Thanks for any help!
Tommy