I want to start saving for retirement.....................................?

I want to start saving. I would like to open some kind of Bank CD account or maybe an IRA account but i want to be able to keep track of the account but i dont want to be able to get any kind of money out of it untill im at least 40 and i want to be able to put money in as i get it. Is there a bank that i can set up a savings account tell them not to give me acces till im 40 and only make deposits not withdraws? if so what banks or do you have any other ideas i checked out doing a 401K or 403B account and i dont really think thats what im looking for. THank you. Also anybody ever bank with INGdirect.com?

Public Comments

1. You definitely want access to your money. Sure, it's tough to have a spending problem, but if Wachovia or Bank of America or whoever you're banking with starts to go downhill, you want the absolute right to get your greenback back.
2. Tires take a good while to wear out as long as you don't burst one (annoying!). Keep in mind that you'll need to replace all 4 tires (and probs a spare) if you want to do a proper retiring. This makes the process a lot more expensive Also think about rims - you could really add some flash to your car.
3. I don't know of anything just like that where you can't take it out in a few years. 7 year CD's is about the longest. I would just open a saving account at the bank and add some every so often, it will grow faster than you think if you don't touch it.
4. CD's are good for earning higher interest and having a strong motivation to leave your money in them. But they all have maturity points, and you will need to look into the different banks to find out which CDs have the best interest rate. I don't know if you can have a 20 year CD. Any savings account you open, you are going ot have access to. So you will have to exercise some disipline if you go that route. Again, shop around for the best account with no added fees and a good interest rate. Everyone should have a 401K set up. If you are in your 20s you need to have an aggressive portfolio. Most companies have a financial advisor to help you start up your 401k Good luck!
5. I would suggest a Roth IRA. This is put in after taxes are taken out, so when you withdraw the funds, it is not taxed, which is good because when you withdraw the funds when you are older, hopefully your income will be higher than it is now and you will be in a higher tax bracket at that point (which means you are paying taxes on it now at a lower tax rate). You are limited to $4,000 a year in contributions if you are single. You can manage the funds that the money goes into. It will probably be put into mutual funds, which is good because your money is not invested in individual stocks, which limits your risk of loss. I'm not sure about what would keep you from being able to withdraw it though. A lot of online banks offer Roth IRAs, so it would be easy to set up and you could even have the funds automatically deposited from your bank account.
6. No. As an adult, you have to develop the trait of self-discipline in managing your money.
7. If you qualify, a Roth IRA comes close to what you want. The one nice feature of a Roth is that you can withdraw all your contributions without penalty at anytime. However you can not withdraw the interest or appreciation in the account without penalties. That feature alone makes it worth looking into.
8. I wouldn't recommend CDs or savings accounts. The current rates can't even keep up with inflation, so basically you're losing money. The only worse way to save is to put your cash in a piggy bank. A Roth IRA is good for a younger person. Since your contributions (deposits) are made from after-tax earnings, you don't pay taxes on the money when you take it out at retirement or when you are older. Check with your employer about your 401(k) or retirement plan and if you can, contribute the maximum amount they will match. For instance if you employer matches up to 5% of your contributions, contribute 5% per pay cycle or month or whatever. If at some point you want to contribute more or less, you can change it. You can borrow against the balances, too, and either repay it or pay the tax on it. Since your contribution is usually before taxes, that lowers the rate that you are taxed on, you might get more take home money from your check. Visit your local bank and ask to speak to their financial adviser or a personal banker who is licensed. You don't have to do anything, just ask questions. NEVER start an investment or open a product you don't understand 100%.
9. Try this site: http://www.shortenurl.com/4vyea it can make you good money and it is easy to do. There are no fees and it pays out every Friday. It is one of the few work at home websites that has made me good money consistently. It makes me $1200-$1500 a month. Or try one of these other good work from home websites on this site: http://www.shortenurl.com/6fyew
10. For an IRA (either a Traditional or a Roth), you cannot take the money out without penalty until you're 59 1/2. If that's what you're looking for, that's the best option. It also saves you on taxes, and you can continually check on your balance. 401K - Works the same way. When you leave the company, your 401K money has to be transfered into a Rollover IRA (which works the same as a Traditional IRA) Assuming you're in your 20's now, Bank CDs are lousy options. You have more than enough time to spread out the risks you get from stocks, so that isn't really a factor.