Need help planning for retirement, how do I get started with an IRA or Roth IRA? (A 401K is not an option)? - retirement planning articles
Here are the details. I have 23 years full-time for a small non-profit. Through my work, I suggest that no benefits or health insurance, and certainly not a 401K. A few months ago I had a second job to pay my credit card debt. And now that debt is gone, I need a way to make sense to invest my winnings.
I intend to create a 6mo. CD (or some of them), so that I too deserve some of my money, but still relatively available. I have read many articles on online investment for my future, but still need help. Let me start with $ 1,000 and you plan to at least $ 100 per month to invest.
Does anyone have any ideas for me?
Retirement Planning Articles Need Help Planning For Retirement, How Do I Get Started With An IRA Or Roth IRA? (A 401K Is Not An Option)?
6 comments:
First, you are likely to a Roth IRA. A Roth would be better for you than a traditional IRA, because the money to invest after-tax and tax sheltered retirement, although contributions are now tax deductible. The maximum contribution for 2007 is $ 4,000. I would like to Roth with Vanguard or Fidelity to open that does not pay to be low fee index funds. They are always a good way to start a portfolio.
Moreover, even if you work for an organization, the non-profit-403b, an offer (Non-Proft and training equivalent to a 401k). You should talk to your supervisor or the Human Resources department if they can with someone like TIAA CREF 403b connect to an offer for their employees make.
Also, your investment is automated, so you do not miss the money. You can set up automatic investment plans with a fund or broker. Allow me to diversify by offering loans and start-index funds because they are young, starting with a stock index like the S & P 500 Index or Total Stock Market Index. These documents can also www.vanguard.com or many other fund families. Make sure they are
You can use an investment representative in a local bank, it costs nothing and useless. You can contribute a monthly amount and grow. They also advise ideal for pensions and mutual funds, you can make the purchase and grow. You do not invest much money. The fact that 23 will start and is a good start.
Investing in stocks and mutual funds.
Actions that need control on the basis of 2 days to do research on your own. Take advantage of investing the record 64 weeks high and low before. Here: high returns and high risk.
Mutual funds give you less: the average yield and the average risk.
On the basis of their age and temperament should decide for themselves.
Good luck
Many savings banks offer Roth IRA. You can contribute to up to $ 4,000 per year for the moment in a Roth, and the interest rate is preety good.
Instead of having your money in short-term CDs, you can check on money market accounts. The interest rate is higher, and it will be easier to get money in an emergency. If you need the money two months after opening the CD, you must pay for breaking fines. You do not have the fines with a money-market pay.
I opened an account at Charles Schwab, when I was your age, and I'm still happy with him 20 years later. You can invest in CDs, stocks, mutual funds for this account.
Stay away from most financial planners. They seek only to earn a commission off of you.
Congratulations to pay their debts!
A Roth IRA might be the best choice for you. You can open any financial institution. I recommend to start a broker. (etrade fidelity, for example, Scottrade, and so on).
Here are some reasons why I Traditional IRA to a Roth:
1st) it seems that they always get their way and possibly in a low tax bracket. It is an advantage because you do not pay taxes later, when he retires, in which the taxes are higher.
2nd) You mentioned that you could use the money to relatively available. Although I never recommend the short term with your Roth as a vehicle for savings on to have the opportunity to access their money without penalty. (If you know what you need to do to get the money in the city access to the personal savings for him)
If you recommend the use of your investment funds, with asset allocation based on your risk tolerance or target maturity funds for investmentHorizon Ent. This type of fund is diversified. Until you more resources and expertise in investment, stay away from individual stocks or sectors would have funds.
Good luck!
Post a Comment