Liquidretro t1_j6ovhjn wrote on January 31, 2023 at 9:19 PM

What industry are you in?

Do you have investment restrictions or something that is preventing your from a more DIY approach? Most people don't need an investment advisor at the stage I think you are in.

I second the wiki as linked to by /u/Werewolfdad

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Vanguard62 OP t1_j6oyg0c wrote on January 31, 2023 at 9:37 PM

I am in SaaS sales and my wife is in healthcare. I was just reading through that wiki. We are looking for advice because neither of us come from a financial background and feel dumb with money laying around doing nothing. In reading through the wiki, it seems like maybe a good place to start would be a traditional IRA. We both have our own Roth’s outside of our 401k’s, but it seems we won’t be able to do that anymore.

Liquidretro t1_j6p1a4x wrote on January 31, 2023 at 9:55 PM

Roth is a sub account type of both IRA and 401k and some others so it's important to clarify exactly what you mean. There is no income limits for a traditional IRA. If you want to contribute more to retirement your 401k's would be a great place to increase if your income is over the income limit for a married couple on a roth IRA. You can each contribute $22,500 to a 401k in 2023. You also have stuff like a back door Roth IRA conversion to look at too. Maximizing your tax advantaged accounts before you taxable invest is the optimal way.

The wiki here also has a flowchart that I think you will find helpful on the order of operations. Index funds and target date funds are great places to invest within these and other account types. I don't see a need at this point to pay an advisor 1-2% a year to give you similar advice when most people can DIY these days with a few hours work if that.

Vanguard62 OP t1_j6p2tqg wrote on January 31, 2023 at 10:04 PM

Thank you! You’re advice has been very helpful!