i want to start planning for retirement & i need some ideas on how oto do it?
i'm 27 yrs old. i live in virginia. i just moved from oklahoma 5 months ago from my ex girlfriend that used me & never really wanted a future but someone to take care of her. in the last 5 months since i came back home i have been working 2 jobs, i have my own apt, i'm gettting my life together but i wonder about the future. i don't want to be working forever. what kinds of things can i do so i can start saving money away for retirement?? i have heard of the savings bonds & cd's. is that soemthing that can give me a good return??. what is a roth ira ??? i need some help.
Public Comments
- You need to talk to a financial advisor.
- Take 30% of what you earn and put it in some sort of investment bonds and CD's are good. Stocks are good too. Never touch it and by the time you are 60 you will be able to retire. I started 19 yrs ago and have alot more put back then anyone in my family. I also have a company pension too. I'm so glad I did that at that point in my life. Good Luck
- On your job, if they offer a 401k get in take the high risk way to go (an investment firm like Fidelity can explain what that means) You're young and starting with a little money it's better to bet or risk it at a aggressive rate. It would be different if you had 100 k plus, then I would recommend a more conservative plan. But I've seen a initial start in a 401K go from 100 to 1300 in 6 months.
- Roth is a account you save that is untochable for 5 years and later you can withdraw tax free for certain reason home purchase, college etc to qualify.Also if you have a 401 K start contributing what you see don't hurt and you will have nest egg before you know it the average 401K to become a millionaire require about $300 a month at you age with a 12% return . never withdraw from this account. I f you can't do that start with 10% always pay yourself first.
- Yes for sure start a 401k and put as much as you can and at your age be aggressive.
