I am in my late 20s and I hear so many people say get an IRA, 401k, try saving with your bank through mutual funds, or CDs but what do I do? I just started a new job and they offer nothing. My last job had 401k and plans were already mapped out so all I had to do was contribute $100 a month. So now I am looking for ways I can save for retirement but with so many choices, and investment companies which company should I choose and once I find one what route should I take. I do not want to be 65 and still have to work 50 hours. I appreciate any help.
2007-01-17 06:23:08 · 9 answers · asked by Wendi C 1 in Business & Finance ➔ Investing
I love mutual funds and Vanguard is one of the best low expenses and no cost to you upfront. You are in your late 20's so you have a great chance to become rich if you do it rite and stick with it. First thing you need to have at least 6 months expenses in cash. You can do that By putting it in a money market fund. Vanguard Prime money market fund. Then go into Vanguard Equity Income fund it is good. Get that going when you have about $7000 to $10000 in the Equity income fund go into another Vanguard fund.Maybe the index find the S & P 500. You should have about 5 funds no more, or it will be over kill. Go to Vanguard . Com. they will help you but call them they will set you up. THEY ARE GOOD.
2007-01-21 20:35:42 · answer #1 · answered by ? 6 · 0⤊ 1⤋
Cracking the Millionaire Code is a best selling book and has a web site for you to calculate your retirement and many ways to save.
I read the book and became a member in which I received financial classes for my children for free in slide show, power point and pdf files... all free.
They offer all kinds of tips and investment strategies and blogs to talk with experts and novices on saving for your retirement.
Message me if you feel it's helped you in any way like it's helped me and my family.
2007-01-17 07:18:39 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Your best option is to put as much as possible into your 401(k), as that will allow you the largest contribution. You can contribute as much as 20% of your salary, up to the annual 401(k) limit, which is $15,000. If you want to save more for retirement, you can open an IRA account and put in up to $5,000 per year.
2007-01-17 06:34:06 · answer #3 · answered by jseah114 6 · 0⤊ 1⤋
You can do all of the things you need to do on your own but I suggest you call a financial adviser at a well established company. Listen to what they say and either let them set you up or take their advice and do it on your own. There are far to many variables for anyone to answer that question here.
2007-01-17 06:33:54 · answer #4 · answered by the seeker 2 · 0⤊ 1⤋
go to www.troweprice.com and call them for info about their retirement funds. They allow you to invest in their mutual funds for only $50 per month until you reach their normal minimum.
2007-01-17 06:32:20 · answer #5 · answered by gosh137 6 · 1⤊ 1⤋
The best place for financial advice on this and many other financial subjects is http://www.fool.com/retirement/
2007-01-17 08:37:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can open up a IRA account with E-trade and continue doing what you did.
2007-01-17 06:53:31 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Open a brokerage account at TD Ameritrade and then drop me a line if you need more detailed FREE financial help.
2007-01-17 11:04:02 · answer #8 · answered by Anonymous · 0⤊ 3⤋
If you have at least 2K email me.
2007-01-20 14:04:16 · answer #9 · answered by 4x 2 · 0⤊ 0⤋