 What's the difference between a checkings and savings account? |
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Additional Details
im in the ... |
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If I am 26 yrs old and can only afford to save about $125 per month, what is the best thing to do with that money to save for retirement? Or even to simply save?
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npbassman | Am I a late starter when it comes to retirement savings? |
I make 135k a year, have $2000 in debt, but only $25000 in an IRA. I'm a late starter?
Additional Details
32 years old |
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Arbitrage
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It depends on your age. You could be 25, and that'd be okay. You might be 64, and then you'd be a late starter. You might as well start contributing the max, as it looks like you can afford it and then put the rest away in a normal account to start saving up because 25k isn't enough to retire off of.
At 32, I'd say you're fine as long as you start saving up both in the IRA and in another normal brokerage account. Pay off the debt also unless for some strange reason, the interest rate on the debt is very low. |
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gregory_dittman
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Age is key. At 40, that $25,000 will grow to almost $271,000, when you are 65, at 10% interest. At 50 it would be $104,000. $25,000 to a 18 year old (non IRA) and it would be close to $2,205,000.
Now a trick is if you live in a multi-million dollar home you can use that, by doing a reverse mortgage.
The market is high on all fronts. Save your money, wait for the crash and go on a buying binge. There were some millionaires that didn't get caught up in the Great Depression that became billionaires, just because they were the only buyers in town at the time. |
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jaimestar64cross
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not really - nearly eighty percent of Americans will die broke.
Look into getting fianancial planning - pay off credit card debts each month. Live within your means - me and my hubby downsized due to the higher cost of living - we have small rancher - house payment of 550.00 ea. month.(house built in 2005). |
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FeedTheWorld!
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Never too late. Besides, how old are you?
If you are interested in making your own retirement investment grow (i.e. make it grow faster), try investing on your own. You can use Roth IRA or even better.. self-directed Roth IRA to supercharge your retirement nest egg. |
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No Debt
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For those of you who are looking to make more money...give me a call at 888-235-0751. |
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patrickbauermeister
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Screw that, I make 55k a year and only have $20k invested. I am 25 but the better question is where do I get a job that gives me a 135k a year?? |
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banana8
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It all depends on how old you are right now. You need to pay off all debt ASAP and to owe $2000 and earn $135k is not going to be too difficult to pay your debt off. As a finance major, they tell us that ideally you should save 10-15% of your annual income be it in IRAs, stock, mutual funds, 401ks, etc. However, you should not put all your retirement savings in one account- you should diversify among many accounts and many different types. See a stock broker, financial planner, or someone else at a financial firm and they can tell you what you should be doing and can manage your accounts for you. And also, its never too late to start saving! Good luck!! |
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HrrSpeed
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I dont know how old are u? |
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sadbuttrue
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Increase your investments, per your age if young try to look at maybe a few chose risk stocks. (If young) if older stay stable , if you only owe 2000 you actually have no debt. be glad you are where you are, which is not bad. |
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mimito
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not really just keep on putting the money away. it wouldn't hurt to put some money in a savings account too! |
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StarLight
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can i have your job? |
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Dawk
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You are doing fine because you are already thinking about it and asking questions. Your investment should be doubling in value every 7 years, by the way, so 7 years from now your $25000 will be $50000. If you have your IRA in a mutual fund (which is what I do), you don't have to watch it or pay attention to anything. One of the best and conservative funds is Lord Abbett (that's the family of funds) Affiliated Fund (that is the actual fund).
The other tip is that you begin, from every paycheck from now on, to automatically contribute something to your IRA. That is the key, regular payments. When you do this, you have a lot of years in front of you to make it.
I began and reached the million dollar mark and did it all in 20 years. I made only about $35000 a year by the way. |
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looking4leaders
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To support the lifestyle of someone who has the horsepower you have, you will need 3 mill in the bank at retirement. Of you can't do that in your current vehicle then we need to talk. |
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