Hi everyone - two years ago, my wife and I were given advice to begin funding our joint retirement via a target retirement fund. We chose VFIFX (year 2050) based on our life plans, and we look at it as our joint retirement on top of our jobs' 401ks. We invest a few hundred dollars biweekly and have accumulated just over $200,000 in shares since late 2023.
However, in reading more about investing, we have two questions for folks who may understand this a bit better:
* I am wondering if buying VFIFX in our joint brokerage is the right approach for future tax considerations, or if we should consider shifting our VFIFX purchases into tax-advantaged accounts (e.g. separate Roth IRAs)?
* We're reading The Simple Path to Wealth, and are considering shifting to Collins' VTSAX-only model. If we went this route, should we simply leave the VFIFX shares as-is, or should we do something else with those? Or are we overthinking/misunderstanding this, and perhaps it's best to stick with VFIFX, but perhaps just ensure we do so in tax-advantaged accounts?
Really grateful for any insights folks could share!