How to save for retirement when self-employed?
I am only 22, but I want to start saving for retirement. I am currently self-employed. I don't make alot of money & have no clue where to start. I can only start with $2000-$3000 and for now only add $100 or so a month. What can I do that is low risk?
Public Comments
- Invest in the S&P 500 Index (or something like it for example) every month without fail. Set up automatic deposits into this fund or savings account so it automatically deducts $100 from your checking into this savings account every month. Do this until you retire - increase when you can - and you will be a millionaire when you retire. Read the Automatic Millionaire by David Bach first before investing so you know what you are doing and why. Study Morningstar.com and MotleyFool.com to learn more about stocks and Mutual Funds
- The first comment is good, but he left out a very important piece of information. As a self employed person you are eligable to open a SEP IRA, which is the best way to begin with your savings as a self employed person.
