I'm 24 years old and have a good job, but it doesn't offer a 401K. Any recommendations as to what I can do to set myself up for retirement? I've been thinking about an IRA. How do I set this stuff up? Do I go to a bank? I don't really know where to start and what is best for someone my age.
2007-06-19 12:53:09 · 6 answers · asked by Cochy 6 in Business & Finance ➔ Personal Finance
Go to a personal finance planner(look in the yellow pages). Their advice and services are usually free until you select a plan that best fits your particular needs. At least you will better understand what direction you should be going at this stage in your life. It will change as you get older and your priorities change.
2007-06-19 14:08:26 · answer #1 · answered by toughnottobeacynic 7 · 1⤊ 0⤋
You should set aside 20% of your gross income (and run it through a flexible spending account if possible). You should diversify you investment portfolio like this (of the 20%): money for school/education 25%; 25% for a home that you own; 30% small cap growth no load mutual funds, 10% large cap growth; 10% international growth. So 10% will be in your IRA. You can set one up online with Schwabb I thing. Or other online brokerages. eTrade as well.
2007-06-19 13:00:47 · answer #2 · answered by Dan 3 · 1⤊ 0⤋
Starting an IRA would be a good idea. Banks are one place to put them, but at your age, some kind of growth investment would make more sense. A large mutual fund company would be a place to start.
2007-06-19 13:44:07 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
I have no idea - I'm a decade older than you and I've never had a job with a 401k and I have no idea how to start. I guess I have the Golden Gate Bridge retirement plan.
2007-06-19 12:58:05 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Actually, Yahoo!'s finance section has a separate retirement webpage with some great advice about retirement and what to save, investments strategies, etc.
http://finance.yahoo.com/retirement
2007-06-19 13:05:34 · answer #5 · answered by annazzz1966 6 · 1⤊ 0⤋
i say u should procastinate.
its fun ;]
2007-06-19 12:56:12 · answer #6 · answered by peekchure 1 · 0⤊ 2⤋