What is the best way for me to save for retirement?

I am 29 and would like to retire by age 60-65. I currently have a small savings account with about $2000 and my annual income is about $30,000. I have been reading about the Roth IRA and I have been looking at investing with Scottrade. Can someone with experience tell me how this works? Would I deposit money into the Roth IRA from each paycheck or save for a few months and then deposit it into the Roth IRA? When I deposit money into the Roth IRA, is it automatically invested or do I have to choose what to invest it in? What would be the best way for me to invest and pay the lowest taxes on it?

Public Comments

1. The single best way to save for retirement is to start EARLY. Time is your best friend to recover from major market drops such as that from 2000 to 2003 and 2008 to ...? If you have matching in your 401(K) (Roth 401k), try to invest up to that match. Then place $ in a Roth IRA. 401K or IRA are tax deferred rather than tax free (you pay the taxes when you withdraw when very likely at much higher with 35plus year time frame). Roth IRA is highly advisable because all principal and earnings can be taken out tax free (after 59 1/2 year old and in Roth for at least five years, there are a few exceptions). So unless the income tax drops or is eliminated when you withdraw, a Roth Investment is recommended. (with this massive bailout raiding future taxpayers, income taxes not likely to go down a great deal in the next 1/2 century). As to what to invest in, a Roth IRA is ONLY a retirement plan. YOU have to choose what to invest in, do research on your own for no-load mutual funds and you will need to fill out an application. You can deposit when you wish up to the annual contributions limit(and your income is below a threshold) as long as you have earned income matching at least the amount of your total contributions in a given year
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