Retirement?
I just turned 23. I have a job and want to go to college to be a nurse. Just some future info that might change my out-come. I want to retire at 65 with $2,000,000. I'm putting whatever I can afford into a savings account each year. Which right now isn't much but I know every little bit helps. How do I reach the $2,000,000 mark by 65? I don't really know much about investing. I kind of know how the stock market works but I wouldn't know what to buy stock in. What do you think of CDs? Can I get an IRA of somethink like a 401K through a bank? Thanks in advance for all your help.
Public Comments
- First of all, educate yourself on the basics of investing (I wish I had years earlier!). There are lots of great books on the subject, but one of the best starters is "Investing For Dummies." Its a fun read. There are also lots of website available, such as money.aol.com, investopedia.com, etc. Good luck with nursing school (my daughter just became an RN).
- Wonderful question! You should start investing in some kind of retirement program if you are currently working. If you are not earning any income just start socking any money you have into mutual funds. Please read my profile and send me an email. I am willing to give you more advice on this subject any time. My wife is an RN.
- Good for you for thinking about your financial future! Get an IRA - traditional, ROTH, or both. Get a 401(k) through your employer and contribute as much as possible to it. Get an interest-bearing savings account at a bank, like a CD so you don't touch the money for a certain amount of time. MOST IMPORTANTLY, as you work throughout your career and you get better at what you do, MAKE SURE you are getting paid what you are worth. If you aren't, talk to your future bosses about raises. Use a salary calculator to help you figure out what your pay should be.
- Open a brokerage account at Zecco and I will help you for FREE. (I am a Portfolio Manager with over a decade of experience in the Stock Markets in the United States of America and other developed countries) 42 Years is a very long time. If you invest now for your retirment then you will have at least $2,000,000.00 USD by the time you are 45 Do not invest in CDs.
