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Chosen1 | I'm 20 and I want to start saving up money for retirement now...Where do I start? |
I want to be able to put money somewhere and not be able to touch it until I'm a certain age. I heard that you can do that with an IRA account, but I think I'm to young for that right now. Is there a safe alternative?? |
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Gina D
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Nice to hear you're taking responsibility. What brought this on? I know I realized I I needed to start saving when I was borrowing money from my parents to pay off my own debt! I found Suze Orman has been very inspiring to me. I have started listening to her Women and Money book, and started my own 'save yourself plan'. (It's mentioned in her book). I also need to start saving for retirement. |
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chipjet
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Roth IRA... I started one when I was 19... You can put up to $4000 a year in it, but don't have to if money is tight. You can't touch it till you're 59.5 yrs old. And if you put the money in post-tax... all of the gains are tax-free! |
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David P
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8 grand in the bank by the time you are 36 you should have over 500,000 if you dont touch it |
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El Ar
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YES! Open an IRA and put at least $2,000 in it for at least the next ten years. You are not too young for an IRA. Get going on this. You won't regret it, I promise. |
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rotorhead
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Go to your bank and talk with the financial adviser. They can give you all the details. Getting started early is a great idea. Wish I had. |
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Michaelsgyrl
 |
Go to your local bank and ask to speak with a Licensed Representative. They will go over all of your options with you and tell you what would work best for you. |
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my.swag.is.serious
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you're never too young to save money. let me know though cuz Im 21 doing the same thing and my money is just sitting in the bank. |
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REBEL SAINT
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put in the savings deposit scheme first and then, invest on anything that doubles the profit, market the investment, do not change your lifestyle, have faith in God and in yourself and stay alive... |
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Diane M
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If your company has a 401K plan that they match your contribution thats always a good way to start. Roth IRA is another one. You can even just buy savings bonds if you want but the return isnt too high. Since you are young, you can certainly take risks so why not put some cash into stocks. Dont put a ton of money away where you cant get it out without penalty because you may want to buy a house or have a wedding or will need to pay for childrens educations (that's where401Ks come in handy). Talk to your banker about how to put your money in various areas to get the most advantage. |
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George Kaplan
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You are never too young to start saving for retirement!
In fact, the earlier you start the better off you'll be because time is the single biggest factor in building wealth, and ultimately that's what you seek to do - build wealth over time that you can draw an income from when you retire.
401ks are ideal IF your company offers to match a certain percentage of what you set aside. If there's no company match, then you're probably better off with an IRA. Since you're so young, you can handle the short term ups and downs of the market and the biggest risk will be inflation eroding the value of what you set aside. Because of this, you don't want your retirement money in a simple savings account and you don't want to put too much in bonds.
Savings accounts and bonds pay little compared to the stock market *over long periods of time* (i.e. From age 20 to 65), but they don't fluctuate in value as much. The stock market offers the potential for greater growth of your money, and so you have a better chance of out pacing inflation. Read up on asset allocation so you diversify properly in the following broad categories: Large cap, small Cap, Foreign and bonds.
Since you're young, you can start off by investing small amounts in your IRA or 401k, and gradually increase that amount as your salary increases. You'll be surprised how quick you get used to not having the money in your paycheck and you'll be absolutely amazed at how fast that money grows while you aren't looking!
I was fortunate to have a boss at my first job who had worked in the financial industry in a previous career and she practically made me set aside 10% of my paycheck into my 401k. I've changed jobs a couple of times since then, but always kept that 10% going into a 401k. At the time I was making $35,000 and it's been 10 years and a couple raises and my 401k just broke the 6 figure mark... and the best thing about it is that I never missed that 10% coming out of my paycheck!
George.
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http://onlinemoneyfinance.blogspot.com/2008/01/planning-for-retirement.html |
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my_yhell_id
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get an rrsp (registered retirment savings program) at your bank, gotoyour bank and meet with some1 who can explain your options to you, good luck and I think you are very wise |
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uglysinger314
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You're never too young to start an IRA, you can put up to $4000 a year if you are under the age of fifty. If you do go this route, be absolutely sure that this is money that you can afford to put away, because there are penalties for withdrawing funds before a certain age, usually 59.
If you are working, check with your HR department to see what kind of a 401K account they offer. If the company is willing to match a portion of your contribution that is one of the best ways to go... It is pre-taxed dollars that are put into a fund, which will give you options as to how aggressive you want to invest. At a young age, an aggressive approach is often the best.
If your work doesn't offer this, I would suggest signing up with a Credit Union rather than a traditional bank. They generally offer more options, and are more willing to offer sound advice to someone in your position. You can usually walk in to your credit union and just ask for some guidance. My credit union has a variety of short and long term bonds etc. that offer a pretty decent return. |
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Stacia Z
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You are absolutely not too young to open an IRA!
You should open a Roth IRA. Put your money into this type of an account and invest it. Where you want to invest depends a little bit on how much risk you're willing to take. At your age I would suggest index funds. There are great tax advantages to this kind of an account!
Beginning in 2008, you can contribute up to $5,000 per year in an IRA.
For more information, check out the link below. |
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hage5
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u b s |
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hunnii b
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yuu idiot ur 20 !! liv life to the ullest and have fun !! god ppl lyk yuu get me down =[ |
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