I took the advice of this subreddit and opened Roth IRAs for myself [27M] and my wife [29F] with Vanguard. We were able to sneak in under the wire for the 2016 contributions. Currently, we have $5,500 in my Roth IRA (2016 contribution), $5,500 in my wife's Roth IRA (2016 contribution), and an additional $5,500 in my wife's Roth IRA (2017 contribution), for a total of $16,500. I will be making my 2017 contribution shortly. That money is invested in a Vanguard target date retirement fund.
In addition, we have a capital one 360 savings account with $20,000 at 0.75% APR, and a capital one 360 joint checking account with ~$10,000.
My wife's job with the State of Florida also has a FRS Investment Plan (not actually a 401k, but I believe it's similar), where 3% of her paycheck goes automatically to the plan, and the employer matches an additional ~6.38%.
Income wise, I make $62,000/yr and my wife makes $45,000/yr. We have no children. Our rent is $2900/mo (we live in a city with an absurdly high cost of living). We both have zero debt.
What should our next steps be with regards to investing? Should we be investing more of our money? Should we open a traditional IRA? Should we keep things as is? I'm very new to this whole investing thing and am looking for ways to make my money work for me.
Submitted April 21, 2017 at 10:25AM by this_is_not_the_cia http://ift.tt/2p3rPLT
