- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Investment Options with a Maxed Out IRA at NavyFed
I am currently 26 years old and have a maxed out IRA with NavyFed. I am looking to invest the 3k (and growing) that I have in it. In addition to that, I also have another IRA with 8k. I have been considering using their automated account investor service, but I am feeling lost and somewhat scared of potentially losing my money. However, I feel that starting with the 3k and gradually growing my other IRA could help mitigate any losses if something goes wrong. The cost of using the automated account investor service would only be $42 per year, which seems reasonable to me (or at least I think so đ¤).
## How AI Legalese Decoder Can Help
AI Legalese Decoder can provide you with assistance in analyzing legal jargon and complex investment terms that may be confusing to you. By using this tool, you can better understand the terms and conditions involved in investing through an automated account investor service, helping you make more informed decisions and feel more confident about your investments.
## Exploring Automated Investment Tools and Long-Term Investment Strategies
I am seeking opinions on automated investment tools, especially in terms of investing in ETFs or other long-term investment options rather than volatile stocks. I am considering delving into volatile stocks at a later stage, once I have built a more stable investment portfolio.
## Seeking Advice in Layman’s Terms
I would appreciate any advice in layman’s terms regarding investment strategies and tools. If you have any recommendations for books that could help improve my financial literacy in this area, I am open to suggestions. While I consider myself somewhat financially literate, I acknowledge that I may not be the best at understanding complex investment-related concepts.
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AI Legalese Decoder: Simplify Complex Legal Jargon
Original Content:
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I’m not sure what you mean by “maxed out IRA”, have you already invested $7k in this calendar year?
you don’t need any automated tools, just buy low fee ETFs and hold
Hey, great question and I hope we can help. I would suggest not to use the automation tool. Especially for you and your goals, it sounds like you just need to find an etf you like but you don’t know where to start. There is a document called a prospectus and every etf and index has one of these. The purpose is to explain what the goals, benchmarks, and strategies of the funds are. Look up a prospectus for several etfs and read through them until you find one you like and trust. They are very short and easy reads btw, so please don’t feel put off. It’s a little bit of work to enable a lot of potential. Please let me know if any of this is confusing and I will try and explain further.
The safest/easiest option to get that invested is to put it into either a Target Date fund (itâs based on your age so youâd want a 2060 or 2065 probably), or a s&p500 index fund. You should have both of these options available to you, it might just take a little digging to figure out what they look like through NavyFed.
Once you have this set up, just invest any new money you put into these accounts into the same funds. Donât watch the balance day to day. Just set it and forget it.
Target date is the safest but also least aggressive option. S&P500 is still quite safe, but slightly less conservative than the target date. Both of these are extremely low risk on a time horizon of 30+ years (or even 10+ years).