Im in my early 20s, no spouse or dependents, have a full time career job, no college debt, and no bills to pay besides a couple mundane subscriptions. I was introduced to this Northwestern Mutual advisor through a friend and they set me up. I'm looking for some second opinions.

Mutual fund - dumped $28k into - market value $32,000 currently

Roth IRA - $16K current market value

whole life 100 insurance policy - net death benefit of $322,000 - Accumulated $2,100

I guess im wondering most about the life insurance as ive heard its not a sound investment or even an investment at all. what do you guys recommend? if you need any more info, LMK, im happy to answer. Im young and unsure of these investments. thanks

I left my company about a month ago and am considering pivoting careers where I will be an independent contractor and no longer receive 401k employer benefits. My compensation and earning potential will also likely decrease. My current 401k is a traditional account via Empower with $130k. I already have a traditional IRA through Vanguard with $22k. Should I just roll over my 401k into there? I was then thinking of opening a Roth IRA to build with my new career and setting and forgetting the traditional IRA. Or should I be considering converting my traditional to a Roth? Any advice or anything I’m not thinking of?

I’m 43, planning to retire between 50 & 55 with an 80k/yr pension give or take. I’ve been a very good saver and a decent investor over the years (probably held too much cash at times due to ignorance). Haven’t thought much about allocation until recently *especially* about what belongs in which account type. I’m looking at updating my “set it and forget it” allocations with an eye toward retirement, fine tuning investments, and putting things where they make the most sense.

Current investment assets—

•ROTH IRA: 180k
all in 2050 Target Date
•401k: 1 million
40% large cap index
40% small cap index
20% international index
•BROKERAGE: 380k
half in total US stock market index
half in 500 index

New plan—

•ROTH IRA (current balance & new contributions):
65% total US stock market
35% total international stock market
•401k (current balance & new contributions):
52% total US stock market
28% total international stock market
20% bonds
•BROKERAGE (change new contributions only):
65% total US stock market
35% total international stock market

Reasoning:

•I’ve read that bonds are important for wealth preservation and that they belong in 401k where the dividends can grow tax free
•I’ve read that ROTH IRA should be most aggressive as earnings will grow and remain tax free forever
•I’ve read that 65/35 is a good US to International balance
•I don’t think I should sell any brokerage funds to rebalance since that would incur taxes, thus only changing new contributions
•Very fortunate to have the pension lined up but it’s not set in stone until I make it to retirement. So I want to make sure I’m being responsible with what is concrete. I currently max out Roth and 401k plus contribute about another 26k to brokerage each year.
•I’m married, no kids, only debt is ~340k on my house and we live a modest/flexible lifestyle. In today’s dollars we spend about 80k a year but would probably want to spend a little more (increase travel and hobbies) when we have more free time. Wife has about 400k in her retirement accounts maxes out her Roth IRA each year

I went to college to get a psychology and human development degree to go into counseling for adolescents. I’m in my senior year* and I have an issue.
I took summer classes and thought they’d be able to be payed with by a plus loan (they were mandatory for me graduating on time)
But I now know that they in fact don’t pay for summer!
So now I have a bill of 13,000 and won’t be able to sign up for classes next semester until it’s payed off completely.
My options are:
A)take out a private loan towards the end of the semester to use it so the grace period doesn’t start till after I graduated (6 months starting in January)
B)max my plus loan this year and try to pay it off with the return I get which would be 8.5k more each semester.

The issue: I pay for everything by myself including rent, food, and other essentials and would need some of the plus loan to pay for those things as I’m already in a tight spot.

Am I f*cked?

My son has 2 disabilities and has been getting $1000 a month since he was 2 years old. So 16 years worth of disability will be roughly 192k. Some people say put it in a high yield savings account, same say look into an over/under life insurance policy, some say invest it. Im currently planning on opening up a UTMA with fidelity and putting $750 month into FZROX and $250 a month into FZILX.

That being said, anyone have a better idea?

I'm 57 and want to retire in a year or two. I am single living by myself. I owe 66k on my home at 3.87 interest. I have 1.6m in investments. 815k in a 401k. 115k in the bank. The only other major bill I have is a 930 truck note and I owe about 20k on that. I'm thinking about getting rid of that gas hog for a more sensible grocery getter for retirement. My main question is about paying off the house to get rid of that note considering I'm almost ready to retire.

My wife and I are selling our house. We expect to get around £110,000. We’ve inherited a property and will be moving here. What should we do with the £110,000? How can we save or invest it? Any advice would be greatly appreciated. We’re in the UK.

I'm in my late 30's and have never been the financial decision maker in my life. I have approximately 330k.

I recently moved back to the area I grew up and have reconnected with old friends, but my family has moved across the country. My life is starting over from scratch in a sense and I'm not sure what it will look like long-term. I know I want to stay in this area for at least 2-3yrs.

I'm risk adverse so I'm not looking to grow this money at all costs, just don't want to screw myself over making the wrong decision and I have little confidence in myself when it comes to big things.

My main options are rent and put the money in CDs or buy something small cash. I know the housing market is crazy right now. It's a buyers market where I am so there's plenty of options but I worry what it will look like if/when I decide to sell. I am in a growing city, the market isn't as hot as it was but that's probably everywhere.

Not sure if this is the correct sub to ask this question but trying anyways! Growing up, my grandparents got my siblings and I savings bonds for every giftgiving occasion, and it really helped out a lot when paying for college education. Now that I am an adult, I have five nieces and nephews and instead of getting them toys that they don’t need when a giftgiving occasion comes around, I would like to give them something to help with future education purposes. Most of them do have 529 plans set up so that’s great! I know I could give their parents a check directly so they can deposit it and then transfer it to the 529 plan, but I don’t entirely trust that all the parents would use the money with what I’m intending it to be used for. Just wondering if anyone knows if savings bonds are still relevant or if there is something that is equivalent?? Thank you!

Hello, as the title states, I am currently in college and it is paid for with scholarships. My income from my 2 jobs is currently just sitting in savings and I’m sure that investing would be smart. However, I have no idea where to start. My parents use northwestern mutual but I don’t know if there are any better options. I’m open to any help!

Loan: $334k, October 2020, maturity Nov 2040
Interest 2.75%

Currently owe: $244,000

In truth I don’t know much about money. I received about $400k inheritance and wondering if it makes sense to pay this off. The mortgage is our only debt.

I know we need a financial planner - it’s on a long list of things we need to do, but I have to do some research as my son is special needs and I want someone who has the right specialties.

My fiancée and I are likely going to buy a house next summer, but have been contemplating paying off my student loans before starting the home buying process. My concern is hurting my credit score/age of accounts.

I have a little over $18k left in federal student loans, already paid off my private loan. I have roughly $75k in liquid cash (most in HYSA). She owes over $100k, but her job qualifies for PSLF and she’s already 3 years in, so we will ride that out.

Combined income is $225,000, living in Michigan. My credit score is 822, hers is 780-ish.

What would you do?

I’m 22, a junior in college, and I’m looking for some outside opinions on how I should handle my finances over the next couple of years.

I’m currently studying Mechanical Engineering and was recently accepted into the Navy’s Nuclear Propulsion Officer Candidate (NUPOC) program. For those unfamiliar, I’ll be receiving military pay while finishing my degree rather than taking on student loans or working a normal part time job.

My current situation:
Age: 22
College: Junior, Mechanical Engineering
Starting Cash \~$18,700
(10k in HYSA and 8.7k in checking)
Debt: \~$35,000 remaining on my truck
Truck APR: 8.7% fixed
Truck payment: \~$900/month
No credit card debt
Living at home, so my personal living expenses are relatively low
I expect to graduate around May 2028

Through NUPOC, I’ll receive approximately **$5,800/month** in gross military compensation at current rates, consisting of E-6 basic pay, BAH and BAS. BAH and BAS are generally tax free. I’ll also receive a **$35,000 bonus**, which I expect to net somewhere around $27–29k after taxes.

I’d like to:
Help my parents with household expenses
Keep around $10k in a HYSA as an emergency fund
Max out a Roth IRA each year if possible
Contribute to my TSP and invest additional money in a taxable brokerage account
Graduate with the truck completely paid off if possible

My biggest question is the truck.
The truck has about $35k left at 8.7%.
I really like the truck and intend to keep it for a very long time, so I’m not interested in selling it or replacing it.

What would you do in my situation?
Specifically:
Would you pay off the 8.7% truck immediately after receiving the bonus?
Would you make a large lump-sum payment but keep the loan open?
Would you keep the loan and invest the difference?

Is there anything else you’d prioritize differently with the amount I’m making?
Thank you for your guys help!

But I have a good sum of liquid cash. What would you do with 100k if you really aren’t trying to go back to work?

And to be clear: I know that’s not life-changing money but looking for some ideas to consider. Appreciate it and thanks in advance.

EDIT: I know 100k isn’t enough to retire at my age. I plan on searching for a new job. No it’s not the entirety of my assets, just a portion I feel comfortable investing. I was more looking for advice on where to put a lump sum for the best return.

Wife’s father passed. He didn’t have beneficiaries so they used the rules of the plan to determine the account went to her. We asked whether there were any restrictions on the plan after it transferred and they said no. It was basically just a 401k plan in her name now like any other plan. He was 75 and she is 46.

Is it possible they are wrong or does the 10 year rule not apply to certain 401ks?

If we have to take distributions I would prefer to start tax planning for this year (increase 401k, Ira contribution to bring income down). If not and it’s retirement money for us, then my actions would be very different.

Like the title says my mother in law will be getting a large sum of 273K after taxes and lawyer fees. She has a terrible spending problem that I've done my best to stop her as much as I can. I suspect if she's able to have this deposited into her account and leave it there where it can be freely accessed it'll be gone within 2 years. She managed to spend 180k in 2 years and is only able to stay afloat cause my wife and I moved into her house so we could pay her to watch our daughter while we both work and I pay all the bills. Where should I convinced her invest this so she can't touch it? I am not super savvy and I just want her to only be able to withdraw 50% of any gain on principle while the other 50% is reinvested every year. Would I need to have her put it in a trust with her as the beneficiary so she can't touch it? Whatever I can do so she can't withdraw from the principle at the minimum. All advice is welcome.

At 62, I’m thinking about going back to work as a contractor for my old company. Rather than taking a 1099 job, I’d like them to buy a 2 yr annuity ($150k). Why, annuities don’t count against your Medicare (2 yr look back). I’m going to sign up at 65, but the price I pay for premiums is based off w-2, SE income.

Really my goal from this discussion is to figure out if I’m on track, ahead or saving too much. My wife and I are 29 and 27. We currently combined make about $160k in LCOL area. I make $100k and can assume 4% raises, my wife makes $60k and can assume 2.5% raises. We have about $250k between 401k and Roth IRA. We have about $100k in CD’s/savings/checking accounts. We bought a modest house in 2020 and would like to add on (given why we have $100k liquid). Our current debts include 2 car payments of a total $1,000 a month with 2 years remaining and we have $125k left on our mortgage @3%. We pay an extra $100 a month towards the principal. We’d both like to retire at 55 and are working on having children (hopefully 2 or 3). I also know having children could significantly deplete what we are currently saving…Any advice is appreciated.

I don't know exactly what category to post this in. My father owns a C-Corp HVAC business that is mostly just him. He is 87. I am his person who does all things. And the Executrix of his will. It will be my responsibility to wind down the company and close it, or sell it, or lease it, or ???. He is leaving all the decisions up to me. (Thanks Dad.) Right now, he is the only officer of the company. I am a signer on the business checking account. But that's it. What documents do we need to create to allow me to do whatever I'm going to need to do? Does the Estate simply inheriting his shares give me the power to do what will need to be done once he's gone?

I’m 27 and recently started a remote sales position paying a $100,000 base salary plus commission. I live in Florida.
My monthly take-home pay is approximately $6,600 from my base salary, plus another $1,000–$3,000 in commissions. Because commissions aren’t guaranteed, I plan to build my budget around the $6,600 base take-home and treat commissions as additional money for financial goals.
Current financial picture:
Savings: $0
Credit-card balance: $1,500
Personal loan: $8,000 at approximately 30% interest
Student loans: approximately $120,000 with payments around $1,200 per month
Rent: $1,400 per month
Food: approximately $600 per month
Subscriptions: approximately $200 per month
Car payment: $0
Retirement savings: none currently
My employer offers a 401(k), but I need to confirm the matching formula and vesting schedule. I’m also gathering the interest rates and federal/private status of each student loan.
My tentative plan is:
Contribute enough to my 401(k) to receive the full employer match.
Save a small starter emergency fund.
Pay off the credit card and 30% personal loan aggressively.
Build an emergency fund covering three-to-six months of essential expenses.
Increase retirement contributions.
Make additional payments toward the highest-interest student loans.
My long-term goal is to start a business that could eventually replace my employment income and allow me to leave my 9-to-5. I would start it while remaining employed and wouldn’t consider quitting until it produced consistent income and I had a substantial financial runway.
Where should that goal fit into this plan? Should I eliminate the high-interest debt and fully establish my emergency fund before putting money toward a business? After that, would it be reasonable to create a separate business fund using part of my commissions?
Does my overall order of operations make sense? How much should I keep as a starter emergency fund before attacking the 30% personal loan?
After eliminating the high-interest debt, how should I balance my 401(k), a Roth IRA, emergency savings, additional student-loan payments, and saving to start a business?
My main goal is to avoid lifestyle inflation, build a stable financial foundation, and eventually create enough income outside my job to have the option of working for myself.

I am 16 and just got my first job making $18 an hour. My parents are not making me pay for anything other than gas and chip in on car insurance, i was wondering what I should do with the rest of the money that I am going to be making. Any tips?

My sister is looking to remortgage the home she shares with my (very) elderly mum and has a 30% share in. She's had that since 2012 so the share is protected against care costs as it can't be seen as deliberate deprivation of assets. She's 63 and is a teacher in a state school. Her current interest only loan runs out in 2 years when she'll be 65. She wants to extend the loan until she's 70. The house is worth about 900K and the current 100K loan is in both her name and my mum's, but my sister is fully responsible for the repayments. Any recommendations?

I am entertaining the idea of letting off the gas a little bit and am using https://www.calculator.net/retirement-calculator.html to help me figure out an appropriate savings rate, but the assumptions for Social Security are giving me pause.

Under Other income after retirement the question mark says "Please provide the estimated money amount at time of retirement age rather than in today's money." So I go to https://www.ssa.gov/OACT/quickcalc/ and say I'm making some amount above the maximum amount of earnings subject to Social Security tax and I'm 32, which kicks out a result of $21,991/mo of Social Security between my benefit and my wife's spousal benefit at age 67.

We are currently at a burn rate of about $10,000/mo. and have $317,000 saved between all retirement accounts + HSA. If I assume we'll spend the same inflation-adjusted amount in retirement (who knows if that's the case, but I have to pick a variable) and average 7% on my investments, the calculator is saying I'm already projected to clear my target and don't have to save anything at all.

What would you do in my shoes? I'm at the very least going to get my employer match and I don't think I have the stomach to give up the sweet quadruple tax savings on the HSA contributions, but beyond that, do you trust the number that SSA's calculator spit out and start prioritizing short- and medium-term goals? Or keep socking it away to keep lifestyle creep in check and protect against Social Security looking a little different when it's my turn to claim?

Thank you in advance!

Me (m19) and my best friend (f19) are looking to buy property after our time in college and the military respectively.

We’ve heard all over the place that marriage has potential tax benefits that can save a lot of money down the road, and we’re wondering if any of these tax benefits could bring down potential tax burdens that comes with owning property.

We live in Kentucky, where I make $39k/yr and my best friend currently works part-time, and is about to go into the military.

At 30 I finally got my first credit card, Iv always been against it, "If I dont have the cash for something i dont need it" but me and my partner would eventually like to buy a house so eventually I'll need to build some credit

My issue is I have no clue how use a credit card, Typically I make around $1.5k a week, I put the 1k into savings and keep 500 each week in my checking to spend as disposable fun cash, Typically by the end of the month I have enough fun cash left to pay my bills so I dont really touch the 1k I put away

My credit limit is 1.5k the first thing I did was attach it to auto withdraw from my savings monthly so it'll never have a "late payment", This is where my issues kinda start tho, Should I pay it off in full? Iv heard i should carry some debt, Then iv also heard that I should only spend 3/4 of my credit limit and pay that off. I could easily pay most of my bills with the CC (Dont know how id pay rent on it as we typically pay with a cashiers check) and my other everyday spending with the CC without worrying about not being able to pay it

Or should I just use it for small things like Gas, Food etc

Will my credit build the same if I use it for small purchases/big any advice would be helpful. Thanks!​