Just starting--is my plan ok?
For various reasons I'm just getting started at almost 37 years old. I'd like to retire by 60 or 56-58 if I can manage, so my target goal is $1.8-2 million hoping I wouldn't need more than 60-70k a year for 30 years (I don't even want to live past mid 80s). I'm starting a new job next month making $40/hr. I'd bring in around $74k/yr base, and with a ton of OT let's say I hit $100k/yr. I have $44k in a previous workplace 401k (seems to be in a Vanguard 2055 target date fund) and around $30k in a regular checking account. I know, I know..
Plan: -Leave 401k as is and let it grow? Should I just pretend it doesn't exist or roll it into a different type of account? -Move 4 months of daily expenses ($16k) into a HYSA emergency fund and keep just enough liquid to maintain that and pay bills. -Split the last $14k into opening and maxing out a Roth IRA ($7500), open and max an HSA ($4400), then park the last $2100 into a new 403b (no employer match) or brokerage. My very limited research over the last day or two has me leaning towards VOO, VT, VUG, or FXAIX. I want something low-fee that I can safely set and forget for years.
I think my only debt right now is my car payment @$442 per month ($18-20k left on it) but I'm hesitant to pay it off early as it'll decimate what little I have. I'd need to net $3800ish/m just to break even on bills. Add at least $1650/m for Roth and 403b, $300/m HSA, $250/m to save for a home deposit someday... Is it feasible to reach my goal? How can I maximize my options to get there faster? Hopefully I'm only at new job for ~3 years then I can take a higher hourly position elsewhere and start grinding by 40. All advice appreciated!