I'm in a weird position and don't know what to do.
Currently 28 y/o living in NYC, making 80k/year. I've lived pretty frugally and have saved up 36k over the course of 6 years, but I haven't touched it at all. It's just sitting there in my savings account. No 401k, no stock market, no nothing. (I should note that my lack of action here is partially based on fear: I'm worried about markets crashing and losing the 401k, or working until I die and thus never getting access to my retirement, but that's a whole other conversation.)
I want to move a portion of my money where it can slowly gain interest, but I am financially illiterate and have no idea how to do that, let alone how much to move. What's the smartest move at this stage? Should I dump half of it into retirement to make up for lost time? Is there a good low-risk/low-yield investment I can do?
EDIT 1: My employer offers a 401k and matches my contribution.
EDIT 2: This is how bad I am at finances. Turns out my employer automatically enrolled me into a 401k when I started working January 2018. You have my permission to roll your eyes and slap your forehead. It was a 5% contribution, totaling 3.7k in savings as of August 2018. I've bumped it up to 12%. My next step is to put $5500 into an IRA.
Thanks for the assistance, everyone! This post really kicked my butt and helped me get my shit together.
Submitted August 29, 2018 at 10:24AM by pf_anon_account https://ift.tt/2PiuZWi
