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Additional Details
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angelcutie | I'm 27 years old have $20,000 saved so far also have 20,000 in student loan debt. I just gradated college and |
I just got a job as an accountant making 36,000 a year. How do you suggest for me to invest so that I can retire pretty well off at age 52? |
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Fugha
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quit showing off...
donate it to charity you greedy person |
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Billie
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Just Pay off student loan tn the next 12 months. MAX out 401K(take Roth option if possible). Live on 50% of your net and NEVER borrow a penny except to buy a house with 20% down and a fixed rate 15 yr mort not to exceed 25% of your net. Buy used cars with cash. Eat at home. Never join a "health club" NEVER buy a time share NEVER buy Universal Life (only term) NEVER lease a car. NEVER buy individ stocks, only mutual funds. Have a BUDGET, live within it. Have few vices. |
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Steve
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Your income is decent. If you can afford it, put 10 to 15% of it in a 401K and spread the money around. You are young so I would invest in the higher volitility markets, as you get closer to retirement move your money into something safer. |
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gear jammer
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So, basically you have nothing. You could pay off debt today and be debt free or keep 20k invested probably just earn inflation rate, while interest is accuring on student loan.
This is basic math we learn in high school. In order to retire young you need to carry no debt, wgich is opposite of your thinking. I suggest you hold out 5,000 and write a check today for 15,000 and down loan. 36K is not a lot of money for to live on with food and energy costs you will live but that's it. Not much fun money |
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teresathegreat
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Look at the interest you are earning on your savings. Now look at the interest you are paying on your student loan debt. If the interest on the debt is higher, then use your savings to pay off the debt as soon as possible (within the next year or two). As an accountant, I'm sure you'll understand the long-term cost of the debt will outweigh the long-term interest gained on the savings.
As soon as you start working, ask the company if they have a retirement plan, and if they match your contributions. You should contribute about 10-15% of your gross income to a 401k or IRA account, regardless of what the company matches.
If you want to retire as early as age 52, you will not only need to live within your means, but save quite a bit more than average. It's unlikely that you'll be able to retire at a significantly higher standard of living than you have throughout most of your life, but with careful money management you should be secure for most of your basic needs.
Get to the library and do some reading on personal finance and investing - David Ramsey, David Bach, and Suze Orman are great and reliable authors to start with. |
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Ryan
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At 36k shooting for retirement at 52 might be premature. Not possible to say, highly aggressive saving and very little spending would get you there assuming heavy pay increases over the years. |
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Miss T.
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You should first speak with your employer to see if there are any programs where they'll match your contribution. That might be the best option (esp. if you work for a state, federal, or local government). After that, you should speak with someone--either friend or family member- who has been in your similar situation. If you go directly to a financial advisor who works for a specific company he or she might try to get you to take risks that you're not comfortable with. Speak with someone who's been there and find out what they did. |
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billet7
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That would depend on your expenses really. Anything that would yeild a large return on your investments would almost invariably be highly risky. So I would be slow to recommend that course of action, if you can't afford to risk loosing your money.
It is usually wise to pay down your debt. Many people may dissagree with me, but the safest and most sure way to retire early is to live debt free and frequently put away a sum of money into a moderate growth mutual fund. If you want something that makes more money, make sure it boasts positive cash flow, What does that mean? Well if you were to invest it, say in a duplex or something, it means that your expenses are less than you income. Right now is probably the best time to invest in real estate.
I would avoid agressive stocks.
Any financial planner will tell you that it is best to reduce debt before risking loss. You don't want to have debt and no money! |
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covinher
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note that your student loan is probably A) a low rate and B) tax-deductible interest; net I wouldn't be in a hurry to pay it off.
You shouldn't concern yourself with retiring at age 52, that seems extremely aggressive unless you're expecting to quickly get an MBA at a good school and rapidly increase your salary. |
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Jenster
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1. Open an IRA
2. Diversify! Stocks, Bonds, Savings... They say you should have 100 minus your age percent in stocks (100 - 27 = 73%) however, with the market the way it is right now that's totally up to you.
3. Pay off your loans.
But really, drop $5,000 into an IRA as soon as you can. The earlier you save it the more interest it will gain. |
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stan c
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If the interest rate on the student loan is low, don't be in a hurry to pay it off. Just do what you were doing before, putting money away. Some banks have high yield savings and are still insurance by FDIC to $100,000. My wife and I have been doing it this way for 35 years. Do not play the stock market. Do not allow the bank to talk you into a "safe" mutual fund because they make more on commission than a regular savings. Better to be safe now than sorry later. |
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David H
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If the interest rate of your student loan is higher than the interest rate you are getting for your savings (I bet it is), focus on paying off the student loan. Keep at least $10,000.00 in savings for an emergency fund. In these times I think it's a good idea to have an entire year's salary liquid. If you don't have health insurance get it. One injury or illness can eat your savings if you don't have it. Buy a home. The prices have decreased recently, and in almost any market this is a good idea. Rent is money down the tubes. Paying a mortgage is similar to putting money is a savings account. You pay some interest, but the home appreciate in value, and once you get some equity you can borrow against it.
You will need to invest aggressively to retire by the age of 52. Use a 401K or and/or an IRA to do this while avoiding taxes. Growth type mutual funds are the way to go for the majority of your funds at this point, but also stash some of your money in more stable vehicles, like bond mutual funds. After setting this up you can think about investing in individual stocks with some of your money. This is a more risky venture as you won't be able to manage a portfolio large enough to protect you with diversity. |
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QT Pie
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good for you! Invest in a condo beacause property is a great way to make money and you can eventually use the equity for a house. Try and make double payments on your student loans and use your tax refunds directly toward them.
I wouldn't use your savings to pay off your student loans because s. loans have very low interest rates and you'll make far more by investing then you'd save in interest payments. |
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slaarwalhz
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Make high monthly payements on your loan to pay it off in one year, and live like really poorly since only 36k in one year.. thats 16k if you pay off the loan in the first year. it will make life easier. Take 10k from savings and open a CD. and talk to a financial consultant. |
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