Late to the investing game. Would this be the best pace strategy?

I have approximately 20k in SPAXX at the moment. I’ve set up auto invest for 500 per month into FXIAX (sp500). I was just going to set and forget until that 20k is in the market then start pulling from my checking.

Or despite the market being in its “recovery”, should I just lump sum it and go from there?