What are some of my effective option to prepare my retirement plan ?

Question

I'm 27 years old and I would like to have advices on some effective investment options I have available to save it up retirement preferebly around age 65+

Answer 1

First never put all your eggs in one basket. Keep you investments spread over a number of fields. You best friend could be a Financial Planner, who will work with you to find the best plan for yourself. You may pay for their knowledge, but it is worth it in the long run. Don't forget about Super, join your work plan if they have one and watch your money grow. And why wait till 65 to retired; you can do it at 60, 55, or even 50 if you plan for it.

Answer 2

Absolutely utilize a 401K program of mutual funds with as much as you can save. Hopefully this fund has Roth 401K's in it. If it does not put the limit per year into Roth IRA's .
While in your 401K balance the assets Stock funds, bond funds, and cash funds. While you are younger be a little heavy on stocks 60% plus depending upon your risk level but as you get over 55 start dropping that % stock to 50% or below. The ROTH Ira payout will be 100% of your investment if you made good ones PLUS all of your interest and no TAXES -that is the good bonus on the ROTH plus you can leave the money in there even after 70 years old.

Answer 3

ok it depends on your risk tolerance. you are now 27 you should start saving as soon as you could if your employer has a 401 k or a retierment plan hop on it and get the advantage of the employer contribution, stock have growth but it is more risk than investing in money market again it dpends on your risk tolarence. throw some money in a roth IRA to get advantage of tax free growth (if you meet eligib. criteria). also diversfiy your investment. as a general rule always have some cash on hand for emerg.