this post was submitted on 13 Oct 2024
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Get a financial advisor. Unless finances is your job, hobby, or desire, just use someone else for this. I use Edward Jones but I would imagine there are lots of good options. They can help you figure out how much you need to save for retirement and give you realistic goals and expectations. You might be better off than you think, or it might not be hard to get to where you need to be when you have someone who can help you figure this stuff out. At the very least, looking to Roth IRAs
I'm getting a lot more downvotes for this than I thought I would. If you disagree, let's have a discussion. Maybe I'm wrong? But getting a financial advisor made it very easy for me to see what I need to do to retire.
All financial advisors I've talked to always tried to sell their mutual funds or some bank product to me. One of them even said the s&p 500 is the worst etf to invest into.
I would recommend against using those then. The one I'm using from Edward Jones is buying funds from a number of different companies, not just specific to Edward Jones. It's important to ask a potential financial investor how they get paid and that can help you understand whether they're going to be working in your best interest or not.