I am hoping to go back to college, and I would like to be able to save for retirement. I am currently saving 40% of my net income, but its just sitting in a checking account. I know I might need this money if my living situation changes, so I need to have the flexibility to get this money when I need it. Is there an IRA investment option for people who want to invest but might need access to their money?
2007-03-20 15:53:59 · 10 answers · asked by shadow77 2 in Business & Finance ➔ Investing
Yes. Always start investing as soon as you can. The earlier the better. If you want to invest in an IRA, I believe you will get heavily penalized when you try to withdraw your money for personal usage before you reach age 62/65.
However, you can set up other short term investments that are very liquid and of which you can withdraw your money from, whenever you like e.g interest-savings accounts, CDs, fixed interest deposit accounts, money-market accounts, short term bonds etc.
2007-03-20 16:03:03 · answer #1 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
Well, I'm impressed. Only 21 and already thinking of retirement. Wow. I don't know how much interest you are trying to make on this money. If you wan't to keep it accessible to you at a moments notice, I would suggest putting it in a money market account instead of a regular checking. Also, ING Bank has a savings account at an interest rate of a little over 4%. They will also match your first $25 you deposit. Atleast this way, you are saving, the interest is better than a regular checking, and you can access your funds when necessary. Good luck.
2007-03-20 23:11:26 · answer #2 · answered by blank 4 · 1⤊ 0⤋
Investing is important. Instead of having it sit in a bank and letting the bank use your money to make serious money, you might want to invest it. If you are new, try reading http://ibooyah.com - great site for stock analysis.
2007-03-20 23:04:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I suggest you to increase your savings to at least 50% if you don't have a house.
I also suggest you to open a brokerage account at Zecco and invest in the ETF DIA.
2007-03-20 23:36:39 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Don't invest that much, you might need it. Only do 25%
2007-03-20 23:33:24 · answer #5 · answered by Tucan 2 · 0⤊ 0⤋
Bank of america has this CD you can get...it only pays about 4.32% and its for 11 months, but there is no penalty if you withdraw early. They only ask you give about a weeks notice before you withdraw it.
2007-03-20 23:01:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Of course!!!! What type of return do you want? Traditional or something that you can control?
If you could benefit from your investment and control it, would'nt you?
If you could get others to invest also and they benefit with you, would'nt you?
What if you could totaly control your investment w/o penalty, you would do it, would'nt you?
Contact me.
2007-03-20 23:01:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
May be you can go to this website to here from this person opinion. See what he/she will said.
2007-03-22 23:42:11 · answer #8 · answered by frennie_ling 1 · 0⤊ 0⤋
try MF balance
or trade urself
more on my blog
2007-03-21 05:43:28 · answer #9 · answered by dinu_pawar 5 · 0⤊ 0⤋
i have $496,675.00 when i am seventeen thats all starting with investment.
its nothing about age to be rich.
2007-03-21 00:34:46 · answer #10 · answered by coth_soliantu 1 · 0⤊ 1⤋