Hi everyone,
So I just found out I got a few ratings for service connected disability from when I was in the Army. One for my wrist and one for my neck. Its not much money per month, but I figure if I start investing it maybe in 25-30 years when I retire it could be a decent chunk of change.
My immediate thoughts are to open a Roth IRA with Vanguard. From what I read, you can't invest VA Disability payments directly in the a Roth IRA. But it is possible to invest income from your paycheck into the Roth. So my idea is to invest lets say $400 a month into a Roth IRA, then deposit the VA disability directly into my checking acct. I'm essentially using the VA payments to make up for the gap in my paycheck.
I'm curious on others thoughts about what to do with the money? I'm 28 years old and I have about $90,000 in my 401k so far when you combine TSP & private. I max out my contributions into my 401k each year.
Thanks for your input.
So I just found out I got a few ratings for service connected disability from when I was in the Army. One for my wrist and one for my neck. Its not much money per month, but I figure if I start investing it maybe in 25-30 years when I retire it could be a decent chunk of change.
My immediate thoughts are to open a Roth IRA with Vanguard. From what I read, you can't invest VA Disability payments directly in the a Roth IRA. But it is possible to invest income from your paycheck into the Roth. So my idea is to invest lets say $400 a month into a Roth IRA, then deposit the VA disability directly into my checking acct. I'm essentially using the VA payments to make up for the gap in my paycheck.
I'm curious on others thoughts about what to do with the money? I'm 28 years old and I have about $90,000 in my 401k so far when you combine TSP & private. I max out my contributions into my 401k each year.
Thanks for your input.