I'm a 48 year old woman. I have a good job making $36,000 annually however I just recently got this job. My other jobs were not near this financially therefore I didn't get a opportunity to try and put money aside for retirement. Are there any investment companies out there that will not cheat me and are legal. I would like to hear from them and especially women who started putting aside a little late like me that now have something to fall back on. I don't know where to start and who to trust. Can someone who has been in my position tell me how they did it. I just need some advice from anyone who has. Thank-you kindly in advance.
2006-07-18 01:27:23 · 10 answers · asked by Anonymous in Business & Finance ➔ Investing
Avoid annuities& whole life - huge expenses. Avoid banks - limited options. People "lending" to banks never get ahead of inflation. Start a schwab acct & start building some S&p 500 index mutual fund & fixed income positions via mutual funds slowly over time. Can't fear equities as they are the only liquid asset that can beat inflation. Some gold funds also needed in this current environment. Talking to professionals may well not help as they are salespeople first. Schwab gives pretty straight advice to those who needed it & non-comissioned advice at that. Have to max your retirement options as has been mentioed. Most people get TOO MUCH information & that paralyzes them. Act now. vegas_iwish@yahoo.com if need some help.
2006-07-18 03:06:21 · answer #1 · answered by vegas_iwish 5 · 1⤊ 0⤋
Yes, a 401-K is the best place to start, as it is tax-free! It's generally a good rule of thumb to put as much as you can afford (up to the limit, if you can) in a 401-K, and then put any other money you may be able to afford into other investment products.
Who you can trust is a difficult question - but please watch out: if someone offers you something that is too good to be true, it probably is!!
I'm in a similar position as you, I am a bit younger but still waited too long, and watned to "catch up" after I got a good job. I tried to split up what I invested in, so that the risk is more spread out. I got a retirement insurance policy from a good, well-known insurance company, I pay into it once a month and will get money when I retire.
My next goal is to buy an apartment, which I will then rent out. And if times get bad, I can always live in it myself! To save up for that, every month I put extra money in a longer-term bank account with higher interest, and when there is enough to make a good mortgage down-payment, I plan to use the money for that.
One other tip - be sure first of all to use the money you are earning now to pay off your debts - it's better to start saving / investing once you have debts paid off!
Good luck! Don't let anyone push you into anything, or convince you to do anything that doesn't feel right - your intuition should be your guide.
2006-07-18 01:48:37 · answer #2 · answered by Ebie 3 · 0⤊ 0⤋
If the company you work for has a 401(k) plan you can start adding "catch-up" funds to it after age 50.
Otherwise, read Warren Buffett books and invest like he did in individual stocks. Use an online service such as Scottrade or Ameritrade.
You might want to wait until the stock market bottoms out (actually I hope it's already bottomed, but that may be wishful thinking). Then you can "buy low" which is a very good thing.
Hansen (HANS) is almost a sure thing and my top pick.
2006-07-18 08:59:38 · answer #3 · answered by clvcpoet 3 · 0⤊ 0⤋
Talk to as many financial professionals as you need to - at banks, brokerage firms, insurance agencies etc - even certified financial planners - until you find one that you trust. That person should ask about your specific goals and all of your resources - current income, savings and insurance coverage. I'd be wary of anyone who could solve your problems without asking these questions.
Your financial life is much more complicated than you think. There are lots of issues some of which require legal advice so you will have to meet with an attorney as well.
Good Luck.
2006-07-18 01:52:14 · answer #4 · answered by insuranceguytx 5 · 0⤊ 0⤋
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2006-07-18 01:57:20 · answer #5 · answered by Tarumi 2 · 0⤊ 0⤋
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2016-11-02 06:45:27 · answer #6 · answered by ? 4 · 0⤊ 0⤋
contact a broker(Merrill Lynch, Franklin Templeton, I don't know any small brokers), private or public and they will be able to show you various scenarios. or if you feel capable enough you could trade on your own(you'll save a lot of money this way, no need to pay anyone any fees). you should check out Jim Cramer, he's got a show on cnbc called Mad Money and he basically breaks down the information so that anyone could understand and then from there you can research the information yourself and see if it's worth while I got into the stock market because of him. check this site http://www.yourmoneywatch.com/index.php?name=Stocks&op=tools
2006-07-18 01:50:05 · answer #7 · answered by jallygood 2 · 0⤊ 0⤋
The most important thing is to put every penny you can afford into a 401K so you take advantage of the company match.
2006-07-18 01:32:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋
401K, from bank or company itself, i am a male but 1 also started late saving, talk to your bank representative, i think they are most trustworthy
2006-07-18 01:33:44 · answer #9 · answered by paki 5 · 0⤊ 0⤋
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2015-02-09 16:23:45 · answer #10 · answered by Kakalina 1 · 0⤊ 0⤋