What is the best way for a 49 year old woman to start a retirement fund? no scams?
Im worried about my mom, she has no retirement funds that I know of and I really want to help her out, what would be the best way for her to save up and get interest? I just really want her to be able to retire by the time shes 65, thanks for all your help yall
Public Comments
- She need to contibute to her company's 401(k) if she has one. She needs to invest in stock (large, mid, and small cap). She should also have some in international funds. At her age, shee needs to contribute as much as possible. 20% or more if she can. You don't want to "earn interest". At her age she needs agresive growth, not interest.
- Visit vanguard.com, they are probably the most reputable and customer service friendly mutual fund company around. Just be careful there are many sharks in the investment world. So always do some research before handing over your money to anyone.
- If your mom hasn't starting saving anything for retirement by age 49, chances are very slim that she'll be able to retire at 65. She should invest as much of her current salary as possible, contribute to her 401k if she lives in the States, and hard as it sounds, take on additional employment.
- If she works and has a company 401(k) plan available, she should use it. If not, she should start an IRA and "max out" the annual contribution. If she can save more, invest in tax-efficient no-load mutual funds. www.investopedia.com or www.suzeorman.com might give you more ideas.
- Roth IRA Go to www.rothira.com
- she can invest a little bit of money in this lending and borrowing website. She can make interest between 7% and 16% roughly, depending on who she lends her money to. She would probably want to choose the less risky loans that offer lower interest rates. Please use my link when you sign up: prospercom/join/eauclaire101 I removed the . between prosper and com
