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http://www.bestcreditrat Details
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harleygurl1975 | What would be a good retirement plan for me? |
Single mother of one, earning about $20,000 per year. No 401K options |
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Barney R
 |
Roth IRA |
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mrstockbond
|
Roth IRA |
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whatevit
 |
The retirement idea is dependent on your current assets. If you are buying your home, skip to part two. Part 1 buy a home, buy through sheriff sale, foreclosure, and tax sale. Once this is completed, (bought-fixed-living_in) your rent money will accumulate to provide you with brighter futures.
Part (2) Two: If you have a home, follow the procedure in part 1 - use this subsequent property to develop assets. As you develop assets, pay the taxes of this income and pay down the mortgage on the property you live in. If the property you live in does not have a mortgage accumulate this income until you can trade up to a property that you can carry a mortgage on.
Your first goal, should be to have $25,000 to $40,000 in assets in your own property. I highly suggest that you stay away from renting property until you have $100,000 in asset in your own property.
I live on the eastern seaboard of the United States, I am shocked at how many people refuse to buy the empty house out side their front door. Many times it is given away for (under $1,000).
E-mail me: e.o_m_g@Yahoo.com / be glad to answer any questions. |
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digdowndeepnseattle
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IMHO, what you should do is dependent upon your future earnings and your age. Right now I'm guessing that you are young and your earnings are low enough so that your tax rate will likely be lower than your tax rate when you retire. So investing in a ROTH 401k may be a good idea. However, as you get a little older it becomes LESS likely that your tax rate will differ from your retirement tax rate and the ROTH becomes less attractive in comparison to the traditional IRA. The smaller the differential in tax rates, the less beneficial the ROTH becomes. You can't go wrong investing in either one....the benefits of one over the other is 100% dependent upon the assumptions made going in. Financial advisors are simply trying to sell them as the "hip new thing!". But, for the majority of Americans the outcome will essentially the same.
Of far greater importance is the fees and loads that you would pay and the quality of funds that you invest in. Prior poster recommended American Funds. They are quality! Other quality fund families are T Rowe Price, Vanguard, Fidelity, and American Century. The list is by no means complete. Those, however, are bigger and thus able to spread the costs of selling their product to a larger audience which equates to lower fees for you.
Get yourself investing now...even if it's $100 a month. Then as you get raises, take 1/2 of the raise for your family and 1/2 of the raise goes to your retirement. No need in starving yourself now...but don't forget the back end either. At first it won't seem as if your account is growing much. But after about 5 years you should have about 7k in there and after 10 it should be about 18-20k with the earnings in the account being higher than your contributions. It's important that you don't stop your contributions, but at that point your earnings will be doing the work for you and your balance will begin to shoot up! |
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ulchka
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Save the money you can each month without straining yourself. You aren't making much. Start by automatically putting 50 or 100 away each month. Please do a google or yahoo search for a "compound interest calculator". Play around with teh numbers and assume a 10% return each year over the long haul. You will see how much money you need to invest to retire at the end. |
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muncie birder
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A roth ira account is better than a 401k in my oppinion, because all of the earnings from it are tax free for ever. Not so with a 401k. Almost all mutual fund companies, if not all, will set on up for you. You can deposit up to $4000 a year into the account. Since you are just starting out and may not have a great deal of money to begin with (many funds have a rather large initial investment minimum of about $2500 or so) you may want to consider a mutual fund that has a lower initial investment minimum and also smaller additional investments. American Funds falls into that category. They do have a front end load of 5.75% but their expenses are lower than many mutual funds. $250 to start and $25 additional minimum. They have many very good funds.
Fidelity is an excellent company with a wide selection of funds but has a high minimum of $2500. Royce funds also with a minimum of $2000. Neither has a front end load.
A single mother should not attempt to save a great deal initially, maybe $1000 a year would be about the limit that your finances would allow. For that reason I would recommend American Funds over the others.
Here is a link to their funds. You can learn more about them at this site. I especially like Capital Income Builder and Fundamental Investors as two that should serve you well in the future. Put a little into each.
http://www.americanfunds.com/funds/returns/alphabetically.htm
At the top of the screen you will notice "retirement planning" and "Investor resources". The first will explain about roth ira. The second will contain all the forms you need to down load to get started. |
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mindblower_2k
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This depends on so many factors. First of all, it depends on your lifestyle, on your bills, your debts and what your financial aspirations are. If your employer doesn't offer any retirement plan benefits, you can consider opening a traditional IRA. Any individual with taxable compensation is eligible. You can open up an IRA with your bank and have them deduct an amount of your salary and/or wages and directly deposit it in your IRA. Your contributions also depend greatly on your age, the sooner you start saving for retirement the lower your contributions have to be to meet your financial goals.
The source I listed below offers a free downloadable retirement planning guide. It might be useful |
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personal_finance_101
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You should open a Roth IRA. You can open one at T. Rowe Price with as little as $50 if you set automatic $50 contributions. Invest in a target retirement fund which will provide your good diversification with just one fund.
For yor child you should enroll in Upromise (http://www.dpbolvw.net/click-2113212-10428618?cm_ven=CJ&cm_cat=1862770&cm_pla=2113212&cm_ite=6-12-06+Upromise+Easy+Way+to+Save). It is a free program that will put money into a 529 education account for your child. There is no reason not to do it. You won't get a ton of money, but every little bit helps.
I'd also focus on getting a higher paying job with better bennies.
Good luck!
http://www.personalfinance101.org/?utm_source=YH&utm_medium=link |
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Frank Castle
 |
Do you have a house and enough money to send your baby to Harvard already? |
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Jed
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10% into long term investment, 10% into your church for God
(you won't be only here, you know!) |
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