Hi all - new account. I'm now receiving an ongoing 1K a month in gift money from a relative, and I want to invest this money rather than spend it. Here's my situation:
- I'm 39, self employed and got started late with my retirement.
- I have been for about 10 years, and will continue to max out my $5500/yr in a IRA Roth (now with a Vanguard Target Retirement 2040 account).
- While this 1K/month gift money could be put to use for current spending, it isn't needed, so I'd like to put it towards cushioning my retirement. This would be in addition to maxing out my IRA Roth every year.
- I'm looking to invest with Vanguard and am trying to decide the pro's and con's of putting the money in a SEP IRA or a regular investment account (or both...?). Will one be more advantageous over the other for a longer term investment (20+ years)?
- Also, my wife and I are able to contribute to savings regularly and have enough in savings for 6+ months of expenses. My wife will have a teacher's pension upon retirement. We have no children.
Any insight or suggestions for resources is appreciated. Thanks in advance!
Submitted May 15, 2017 at 07:50AM by dangmoni http://ift.tt/2rihSZQ
