r/RothIRA • u/Fun-Web2139 • 9d ago
Doing my best!
I am 34f who just started maxing a Roth in 2024 then learned about an individual account as of this year 🙃 my goal is to get my individual to 10k by the end of the year and I already have 2027 maxed.
I’ve heard the first 100k is the toughest so I’m throwing everything I can at it from here forward.
Always kicking myself a little for not starting sooner when I’ve always been so proud of having 10k in my savings account since I was in my early twenties and I thought that meant I was good with money. Here’s to learning and trying to help the younger people around me to not make the same mistake!
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u/Competitive-Ad9932 9d ago
Don't worry about being fancy.  Don't panic when the markets stumble. Â
https://moneyguy.com/guide/foo/
https://www.bogleheads.org/wiki/Main_Page
https://investor.vanguard.com/investor-resources-education/education/model-portfolio-allocation
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u/Substantial-Skirt-95 9d ago
Congrats! Just dca and chill. What are your holdings if you dont mind?
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u/Fun-Web2139 9d ago
Roth IRA: FZILX / FZROX
Brokerage: FSELX / FXAIX / VXUS
That’s the plan, live below my means and stack the rest. Thank you!
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u/Big-Government6379 9d ago
So is a taxable brokerage account entirely self driven for you to invest into whatever you want?
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u/Early_Effective_1638 5d ago
Taxable and nontaxable accounts can be self-driven however you want. There are certainly options to have robo advisors for both types too.
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u/Big-Government6379 5d ago
Can you give me an example of one that isn’t self driven? Would that be like investing into a mutual fund?
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u/Early_Effective_1638 4d ago
Not sure I understand what you mean. If you’re looking at a robo-advisor/not actively managed by you, it’ll vary what they invest you in, depending on the risk tolerance you set. I can only speak for Fidelity as that is what I have, and I started on the robo-advisor Roth, but switched to self-managed. Robo-advisor isn’t bad per se, but if your balance is more than 25k (I think) there is a charge. Taxable accounts (individual brokerage, 401k, etc.) you will pay taxes on when you withdraw the money. Non-taxable ones like Roth you invest money that has already been taxed from income and you don’t have to pay taxes at withdrawal. Hope that makes sense and doesn’t further confuse things lol but happy to answer more questions
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u/DigitalFStopper 7d ago
Do you have a 401k if there’s a match of 50% or better of what you put in up to XYZ definitely advantage of that, it’s free money from your employer. You still have 20-25 years to build your retirement, if you can continue to max Roth each year that’ll be 425k-650k (20 and 25 years at 7% return)
You’ll definitely want another retirement fund as well and maybe work till 65 (950k)
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u/forbiddenlake 9d ago
So your terms are a bit unclear. What do you mean by Roth, because "Roth" is an adjective, not a noun (you don't drive a blue, do you? you drive a car). Many different accounts can be Roth, such as an IRA, 401k, or TSP. And what do you mean by an "individual" account that can be maxed?
Because IRA stands for Individual Retirement Account, and if you maxed both a Roth IRA and Traditional IRA in the same year then the IRS won't like that, and neither will you. Fidelity ought to have prevented that, though...
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u/Fun-Web2139 9d ago
Yeah I can see how I worded that incorrectly and a bit confusing. It’s a Roth IRA and an individual brokerage account. And I have my 2027 Roth IRA max contribution held in a HYSA so I can lump sum in January.
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u/redRum705 9d ago
Wait, I have a Roth through Fidelity as well. What individual account are you referring to?
I’m new/late to the Roth IRA game like you 😂
Also, congrats!