We did a lot of research and also consulted with my mom's financial adviser. We found no fee for start up and transfers accounts and that was important to us. We set it up so that we automatically contribute the maximum for last tax year and this one. I like having less bills to think about paying, and it also eliminates the temptation to think of saving for retirement as an option when it really should be a top priority.
This article is helpful: http://money.usnews.com/money/personal-finance/articles/2014/10/31/how-seriously-should-you-take-retirement-savings-calculators
And so is this calculator:
I'm not an expert, but I do watch a lot of Suze Orman. We follow her advice about putting 20%-25% of take home pay towards retirement and emergency savings. Ultimately, life is chaotic and unpredictable, so even the best laid plans can never be perfect, but we hope for long lives and the means to live them comfortably. If you are young, keep in mind that saving something is better than saving nothing and feel empowered not overwhelmed.
We've set new financial goals to work toward, as having goals is highly motivating, but for now, we're feeling good about our most recent step. Here's to the future!
<3 S&B & L&Z