- May 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Overview and Plan for the Future
I am currently 25 years old and have recently received a job offer with a salary of $120k. This new opportunity has prompted me to take a closer look at my financial situation. I have $37k sitting in my savings account and $12k in my 401k. In addition, I have just opened a Roth IRA with Vanguard and am looking to maximize it by transferring $7k from my savings into a S&P 500 index fund.
## Exploring New Banking Options and High-Yield Savings Accounts
I have been banking with Frontwave Credit Union since I was 10, but I am now considering switching to a different institution as they do not offer any special benefits. I have heard about High-Yield Savings Accounts (HYSAs) and am wondering if it would be a good idea to leave my extra savings in one. If so, I would appreciate any specific recommendations on where to open one.
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age 25, $8000 into your Roth IRA is not allowed. $7000 is the limit for your age
[https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000](https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000)
A Roth is great but yeah you always should check to see the limits each year.
I’m old and don’t have much knowledge but a hysa is a great place to park cash for say bills and spending as long as you remember not to drop below the threshold of what’s expected to remain in the account at all times.
If your 401k is a personal one then your golden there because as long as it’s invested well you can roll over other 401k”s in your future there.
If you have 10 jobs throughout your lifetime it keeps them all consolidated in one place. If it’s not a personal one then that’s fine, that’s something you can read about and maybe do, my son’s 401k is with a previous employer and it performs well so he rolls his other 401k’s into it.
Maybe you could park some cash in some CD’s so they grow into a nice chunk of change for a future down payment for a house.
No need to go all out just yet, you’ll learn as you go and I’m very conservative. These 4 spots should suffice for now unless you decide to read and discover more ways to invest.
Hysa for to pay bills 🙂…401k invested well and for consolidating future 401k’s…. CDs for the growth potential to save for a home (real estate) and a Roth IRA so in retirement you have a cash account that doesn’t require minimum distributions.
Good luck your doing well
https://www.investopedia.com/what-to-do-if-you-contribute-too-much-to-your-roth-ira-4770686#:~:text=You%20won%27t%20face%20any,your%20tax%20return%2C%20including%20extensions.
On a whim I tried the Capital One checking, since I’d been using their HYSA at 4.5% and they offered like $250 when you set up direct deposit or whatever … And I’ve enjoyed it so far. There is no local branch so I’ll probably keep the credit union as a side chick for a long time.. haha
If you’re looking for liquidity, online banks with high yield savings or brokerage firms with money market funds will currently get you 5%+.
That said, figure out how much you’re going to keep in cash and cash alternatives and anything above should be invested. I’ve seen many people like you make good money and, because they’re not used to it, the majority goes to cash and cash alts.
I would be looking at maxing my 401k. Excess cash would go to a taxable brokerage account invested according to my risk appetite.