A bit of background info first but you can skip to the “Am I on the right track” below.
\*Background\*
I’m in my mid 40s and my goal for this year is to get my retirement/investment act together.
Prior to this, I was just too broke to plan a financial future and was focused on reducing my debt. Took me 6 years to pay off about $160k of debt which included student loans.
Current retirement portfolio is around $190k, I plan to retire in 20 years.
$176k of that is managed by my financial advisor (who I will have to leave once I get more financially savvy). He has it set up this way:
\- $147k in a Traditional IRA (these were an accumulation of roll over 401ks from previous jobs).
\- $23.8k in what he calls a Solo 401k. It shows up as KPS on Fidelity for me so likely a Keogh plan?? This is from 1099 work I did in 2024.
\- About $5k on a Roth IRA.
\*After reading posts and learning about 2 or 3 fund portfolios. My initial plan for moving forward. Am I on the right track?\*
I have changed the future contributions for my current W-2 employer 401k from Vanguard Target Fund 2045 (which holds $14k contributions so far for 2025) to 80/20 FXAIX / FXNAX, I have preset monthly pretax deductions from my paycheck to max out the $24.5k allowed for 2026. Employer matches 50% of contributions up to 4%.
I have opened a Roth IRA and plan to contribute the max $7.5k this year and have set contributions to 70/15/15 FNILX / FZILX / FXNAX though I’m inclined to dump the FXNAX and just go 80/20
I should have about $10k from 1099 gigs in 2025 and I would REALLY like to open a solo 401k with Fidelity and set it and forget it to 80/20 Total Market Stock Index/International stock. \*Will this clash with the solo 401k my advisor is managing for the same business which contains 2024 contributions only?\*
What would you do differently? I am still trying to understand back door Roth and a bunch of other things I see discussed here. So please forgive my investment lack if knowledge