I've been in the process of interviewing financial advisors and am not quite finding the answers I am looking for so I figured maybe this group might have ideas
After selling our house 2 years ago and with the change in our childcare expenses and commutes thanks to the pandemic, we've been lucky to build up a healthy savings account. Our finances are pretty typical - no debt except a mortgage, two earner household with max withholding, no side hustles/rental incomes/etc; we file a pretty basic tax return, in case that matters for this purpose. We both contribute to our employers' 401K plans, though not maxing out our contributions right now and that's something I'm already trying to do the math on.
Right now our savings are sitting in a basic online savings account, and I want to manage it more strategically. My thought is to leave a small amount in that account for emergency expenses and buy 2 Roth IRAs for DH and I, but after that, I'm stuck on what to do with the rest. I don't want to open a college savings account for a variety of reasons (we're in VA and have a 529 plan) but I could be convinced otherwise. Big picture, we're anticipating having to contribute to our parents' expenses as they retire in the next 5-10 years. We're both children of immigrants and neither set of our parents saved for retirement so beyond Social Security, they won't have much to live on. My husband is thinking a lower risk investment account might be the path forward so that we have access to the funds easily. I'm wondering what options I might not be considering.
Any tips or ideas? Any good places to read up on this? I've been at this for a few months now and am not quite finding answers that resonate.
Thanks!