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bassjam1 t1_jaf2dne wrote

Reply to comment by Niko120 in Should I pay off my mortgage early? by Niko120

If your company offers a 401k and you aren't maxing it out I'd do that first and use this money to subsidize the lost income. Also a Roth IRA is a great option if you aren't over the income limit, $6500 is the most you can contribute annually. Both of those other tax advantages which is why you should focus on them first, but after that I'd just go through a regular taxable brokerage and put it in an index fund which tracks the s&p500.

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Niko120 OP t1_jaf3oca wrote

We don’t have a 401k unfortunately. We have a profit sharing plan and it sucks. As far as a Roth IRA I’m not necessarily trying to put a big chunk of my money towards retirement at 37 years old. There are still plenty of things we need the money for along the way. I’m definitely going to try to learn more about investments though

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bassjam1 t1_jaf4wf9 wrote

At 37 years old you absolutely need to be saving for retirement, especially if you have nothing saved yet. You're 25-30 years away from retirement which isn't as far away as it sounds as far as saving. And I'll be blunt, even turning that $70k into $1 million isn't going to be enough.

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