I was talking to Nickel  the other day and we got to talking about retirement saving after 401Ks and Roth IRAs. Hopefully, at some point in your life, you will reach a point where you’ve maxed out your 401K ($15,500 for 2007) and you’ve maxed out your Roth IRA (or you’re no longer eligible because you’re past the phase out) – what should you be doing in terms of savings for the future?
Now, if you don’t have a home, then I say the easy answer is that you should save for a down payment for a home (and perhaps pull back your 401K and Roth contributions). If you have kids or plan on having kids, consider one of the education plans. But what if those easy answers aren’t there (either you’ve maxed those out or you’re not eligible)… what should you save for?
And should you even save? Are you saving too much (very possible!)? Please share your thoughts!