So throughout my military career, I managed to save a decent chunk of change. From that, I currently have about 7,000 in my Roth IRA. I'm planning on selling my car before I head off to college, and storing half of what I get in my IRA.
However, when I applied for VA disability, I was expecting to get 15-20 percent, get a few hundred bucks a month, and put it towards retirement. However, I got my rating today, and it's 70%, which means that the VA will continue to give me around 1400 dollars each month, tax free. Since I'm only 22 (as of 2 days ago), I see this as a tremendous opportunity to ensure that I'll be set for retirement. Since my original plan was to put the money into my IRA, I still plan to do that, at least 1,000 dollars each month, with the remaining 400 simply going into some sort of savings (see question 2).
I've been investing for awhile now on my own in my IRA and brokerage accounts, so I'm very comfortable with that. However, beyond a Roth IRA, I'm not too sure what my best options are once I reach the yearly contribution limit (until I graduate from college and hopefully have the opportunity to contribute to a 401(k)). So, my first question is, once I hit the contribution limit, would it be best to put the money in a standard brokerage account, savings, or something else?
Additionally, I wanted to get an idea of where others had been storing their money that isn't set aside for retirement, or their emergency fund. Is it best to put it in stocks/bonds, savings, or what?
Submitted February 04, 2018 at 03:19AM by frenchkittiesofdoom http://ift.tt/2EEZ2mR
