Recently came into some money, 30K via inheritance, which I would like to invest. I Would like to put some if not all of it towards retirement, as I have no plans to touch the money for at least 10 years if not longer.
- I'm a PhD student with a 30K/year stipend
- Currently live in NYC
- Have no debt
- No 401(k) or IRA
I'm assuming I want to put it into index funds, I'm just a little confused on choosing index funds and how an IRA fits into all of this. I'm young so I was thinking 70% stocks and 30% bonds.
- Should I put it all in an IRA or some mix of IRA and non-IRA index funds?
- Can I even put it all directly in an IRA (I'm confused by the IRA contribution cap)?
- Which type of IRA (Roth or traditional)?
Sorry for the ramblings, first hand evidence that a little knowledge is a dangerous thing.