Congrates on the $240k+, that is way more than a start, in 10 years that mostly likely will be $500k. Now, what can you save and grow during those 10 years? Seems like in 10 to 15 years you could have $1M.
Management Fees are important, you want low costs, that's why many here recommend Vanguard index Funds.
If you have $1M invested with a 1% management fee, that's $10,000 out of your pocket. With $200,000, it's $10,000
over the next 5 years. So, Find out the fee for your 403b, if it is high, then you may want to only put money in, up to your company match. (because the match is free money) Then additional savings can go to an low fee IRA or a Roth IRA.
Money invested in an IRA is a tax deduction the year you make it, and, it grows tax free. You would open a IRA at the company, say Vanguard, Schwab, T D Ameritrade, or a bank, then pick what you want the money invested in, VTSAX, LifeStrategy Funds,
etc.
Money invested in an ROTH IRA DOESN'T get a tax deduction the year you make it, BUT it does grows tax free. You would open a ROTH IRA at the company, say Vanguard, Schwab, T D Ameritrade, or a bank, then pick what you want the money invested in, VTSAX, LifeStrategy Funds, etc.
I would suggest VTSAX, that is an index fund that is invested in about 3600 companies, the companies cover
a wide range of types of companies, in other words, it is diversified, (not invested in one type of product, only like steel or only airplanes) Fee is only 0.04%.
Someone above recommended the LifeStrategy Funds, nothing wrong there, they are less volatile, meaning the dollar amount will change less from day to day. Why are they less volatile? Besides many stocks they also have bonds in their portfolio. There are 4 LifeStrategy Funds, they hold 20% bonds, 40% bonds, 60% bonds, and 80% bonds. The higher the percentage of bonds the more conservative. The higher percentage of bonds, the less it will rise in a booming stock market, but, also the less it will fall in a recession/depression. The website has some easily understood graphics.
https://investor.vanguard.com/mutual-funds/lifestrategy/#/ You may feel more comfortable with some bonds, but at 41yrs old, I think it is a bit early in your life for bonds. You can weather one or two more stock market cycles. The stock market goes up and down over the short term and up over the long term.
An HSA is a Health Saving Account,
IF you have a high deductible insurance plan, you can invest $3,450. And get a income tax deduction for it. It grows tax free, you can use it for health related expenses,
BUT, many are saving it as a retirement account and paying for medical expenses with regular earnings. You can save your medical receipts and then when retired spend any amount tax free
upto the amount of your receipts.Or you canroll yur HSA into an IRA.
I suggest you keep asking questions, this group is a treasure of knowledge, shared willingly with pleasure, and an occasional
facepunch. :-)