Ask Terry Questions Retirement


By Terry Savage on November 13, 2023 | Financial Planning / Retirement

I’ll be 40 in February. I have a term life policy that will cover all debt and hopefully college tuition for my 2 daughters. But what if I live? I have a pension and a 401(a) through local 150 but will that be enough? What is the next best investment for adding to my retirement?

Terry Says

If you LIVE, you won’t need more life insurance! That’s only to take care of those you leave behind!!
But yes, you are wise to consider saving MORE, whether inside or outside a retirement plan.
You could open a Roth IRA, which is not a deduction but grows Tax-FREE for retirement. Go to Fidelity or Vanguard to open such an account since you do have earned income.

But first read this comprehensive article about Roth IRAs from Investopedia:

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