Lux Investing
This might be a dumb question...but...can I invest more money...?
401k plan - check - a mix of mutual funds and stock, more focused on diversified portfolio with domestic and international equities just opened a Roth IRA account, will get to $5k max before end of year. going to invest in fidelity freedom fund 2050 or other mutual funds once i max out my IRA, and contribute lil to 401k, (because i may need to see the money b4 im 60), can i still invest money into mutual funds SEPERATELY with the money in my bank account? whats a good site to invest in mutual funds with the highest returns? or better yet, whats a good mutual fund to invest in? domestic/international? thanks
Public Comments
- i think you need to invest here http://www.wewantyoursoul.com/
- You can always invest as much of your own money as you want - you just need a personal investment account. You will pay the taxes on this one every year, since it will not be a tax deferred account. Diversify - pick a few mutual funds with the help of an advisor.
- First of all, speak with a financial planner. If I recall correctly, when you're putting contributions into a 401k plan, that further limits your IRA to 3,000, which'd mean you'd have to stop contributing to it sooner. As to further contributions, I believe you can contribute as much as $15k per year into your 401k by itself. If you want to invest still more than that, consult a financial planner, as online sites do not have the insight to best assist you that an actual person does. If you are looking to retire before you reach 60, and you want to take those funds out, you can do so without penalty by annuitizing it over a minimum of 10 years.
- You can always invest the excess in non-retirement accounts. You won't get the tax benefits, but you wil have more flexibility in how you invest (option trading, for example). I would suggest ETFs over mutual funds. See source for previous questions on this, Jeremy V, I think the questioner seems to have too much money, not too little. Perhaps instead of selling his soul, he could be an "angel investor" instead :)
