how can I save for retirement in this economy?
I am 35 years old I have nothing right now for retirement. Good news I'm a nurse now that will be making pretty good money but I don't trust the stock market. What can I do? Thank you for your help.
Public Comments
- There are things you can do that do not involve saving for retirement. You can pay off your car or put extra money towards your mortgage. This will save you in interest. Also make goals to pay for your next car in cash. I want your goal in 10 years to have no debts, not even a mortgage. With this you will be in prime position to start saving for retirement at that time. The economy is going to be in a serious slump until 2014, so you have time. If you have extra money open up a ROTH or a tax deductible IRA. And buy some long term cd's. At your age it's tough to choose wich one - so I wont. Also always make sure you have 6 to 9 months salary in a money market account or in a savings before investing in retirement. /
- If you have job, it doesn't matter what's going on with the economy, you can save for retirement. First thing, live within your means. Spend less than you earn. Do not spend on frivolous things. Borrow only for your primary residence, pay cash for everything else. If that means you need to buy a used car, then so be it. If your job has a 401K, enroll in it. Put in the most you can afford. At a minimum, max out the company match. If they don't have a 401K, open up an IRA. Since you're only 35, don't be afraid to invest in the stock market. Stocks are cheap, you should be buying them now. It's fine to put some into a conservative bond fund or guaranteed fund, but put at least 50% in the stock market. Don't do what others have done. That is by stocks when they are high and sell them after they drop. That's just plain dumb. Better to buy them now cheaply and sell them after they run up again.
