2006-09-28 22:06:56 · 5 answers · asked by negrito con sabor 4 in Business & Finance ➔ Other - Business & Finance
business like statefarm offer IRA, i am in a IRA i am 23 i have been putting $50 a month in for over 2 years i have over $4,000. By the time i am 65 i should have over $150,000.
2006-09-28 22:09:51 · answer #1 · answered by Jennifer S 2 · 0⤊ 0⤋
Check with your local bank. Surf online. Advise your current employer of the benefits of a SEP/401K plan and they may realize the tax advantages. A 401K is especially profitable to you if the employer will match. You may want to consider a ROTH IRA on your own instead of 401K. You are contributing to the plan after you pay taxes but paying taxes at today's rate will probably be less than the tax rates in the future when you go to withdraw money, according to the experts. Whatever you do... don't touch your money because there's more money to be gained from time. If you run short, find other ways to bail out. When you retire you can have hundreds of thousands of dollars to live on in your golden years.
2006-09-29 00:48:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would suggest a Roth IRA (provided that your salary does not exceed the compensation limit). The contribution limit is $4000 for 2006 and 2007.
As far as what to invest in, it will depend on your financial and investment objectives, and your risk tolerance.
If you want to invest in mutual funds for your Roth IRA, then I would suggest the following places to check out:
www.vanguard.com
www.troweprice.com
www.fidelity.com
Vanguard requires an initial minimum investment of $3000 ($1000 for their STAR Fund). Subsequent investments can be made for $50/mo through their automatic investment plan.
T. Rowe Price you can start investing with as little as $50/mo through their automatic investment plan.
Fidelity has a SIMPLE Start IRA in which you can start investing with $200/mo through automatic investment plan.
Research all three sites and go with the one that fits your needs the best.
State Farm is another option; however, they do not offer as many funds as the rest of the other fund companies that I listed.
You can also ask your employer if they would consider offering a 401k plan in the future as you can put away more money than a Roth IRA.
2006-09-29 16:15:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Start saving in an IRA. The annual contribution limit doesn't allow you to save as much as you probably should ($4000), but it's a start. Then look to save as much as you can in taxable investments. Anything from a vanilla CD right up to exotic stuff, if you're willing to put the work into researching them. You need to find the right balance of risk vs reward, and hopefully you have enough time to make this all work for you.
It's pretty frustrating when SS doesn't provide enough and employers are dropping pensions in favor of 401k's, or nothing at all. Good luck.
2006-09-29 04:21:40 · answer #4 · answered by CMass Stan 6 · 0⤊ 0⤋
If you're keen to have a continuous income every month, just check out this website. You only need an initial investment of $499.
Check out the site for full details. www.itvventures.com/chirag
Just check out the powerpoint presentation, download and listen to the conferences and you'll see what I mean.
Just imagine, this company is spending $55 million a year just on marketing only. This is absolutely going to explode.
2006-09-29 01:03:49 · answer #5 · answered by Dave M 1 · 0⤊ 0⤋