I am 24 years old male, i am looking save money for my retirement, what can I do?

Answer 1

First thing get involved with your companies 401K up to the match if is it available up to the company match and then get a Roth IRA! The good thing about a Roth is when you reach retirement age...the money that comes out of there is not taxed as regular income...so it is tax free....An excellent way to save for retirement. In my opinion the best thing going...of course you want to get your company match in the 401K first...Free money is always best..but once you limit the match...Roth it up.

Answer 2

You are very wise. Most people your age do not consider saving for retirement... perhaps you've read a book or article illustrating how much better it is to begin saving at a young age. You'll want to begin your IRA and maximize any plan at work. Your tax advisor will have details if you are self-employed and what plans are available to you. As a former stockbroker, we usually invested retirement money into solid mutual funds that invested based on a team approach; we avoided funds managed by just one person because we found that if that person changed jobs, the fund was very much effected and at a greater risk. You can invest in mutual funds if your bank has brokerage services; you can begin investing at any brokerage house or one online. I remember some of those charts if people your age invested while young... you could possibly have seven figures BEFORE retirement age. Remember to always reinvest dividends and capital gains in your mutual fund... it'll grow faster that way. You might want to invest so much every month as well to take advantage of dollar cost averaging (pick up brochures on investing at your local bank/brokerage for more details).

Answer 3

If you have a 401K at work you will want to get up to the maximum contribution level. Outside of that, you can start saving in a Roth IRA. You put money in that you earn and that has already been taxed. When you retire, you take the money out and pay no taxes. Get in the habit of saving regularly. The compounding will take care of itself and you will have a stack.

Answer 4

You could go to or call a financial institution like Waddell and Reed, Merrill Lynch or Fidelity. Ask them about their no-load investments. I believe no-load means that they are investments that reps make no or very low commission on. Inquire about their IRA accounts. They should have accounts that you can open with $50 or $100 and get a certain amount deducted form your checking account once or twice per month. I've had as little as $25/month taken out of my checkign with one of these investments.(and as much as $400/month) Also ask about money markets. They usually generate a good amount of interest and it's fairly easy to write checks for emergencies. An IRA or mutual fund is normally a bit more difficult to take out money. Your bank will also have these services. If you aren't afraid of using real estate as an investment tool-that's something to look at also.

Answer 5

#1 Your company's 401K. Usually company matches you a certain %tages. You would be a fool to turn down free money.

#2. IRA. If you still have money left over after you max out your 401K contributions, open an IRA account. Regular IRA is tax deductible. So when April 15th comes. You will be please.

#3 www.vanguard.com Low cost mutual funds.

#4.The Truth about money. Everything you need to know about money, written by this guy name Ric Edelman.

Answer 6

401K plan through you employer would be a good start.. Most employers will match a percentage of the money that you put in, so that is like getting free money from your employer that helps work toward your retirement..

if you can try to put the maximum amount in your 401K also.

The market has been rough as of late, but if you hang in there you will eventually see nice returns.. goodluck

Answer 7

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Answer 8

Start up an IRA (Independent Retirement Account) where you do your banking. You're smart to get started on this at a young age.

Answer 9

Go speak with an investment banker at any major firm (i.e Wachovia, Smith Barney, Morgan Chase, etc.) and they will establish a plan for your current income and retirement levels. They will set you up.

Answer 10

wow, you need to start saving now and be consistent. spending less than what you make. contribute to your 401k from 10-15% of your pay check. paying you first. limit use of credit card. learn how to invest your self. you are the main person determine your future, not social security or pension. just you

Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 71,000.00 and 30000.00 in taxble account. by follow simple rule