Lets say the job you have now doesn't take out pension and 401k do they have any services that do that for a small fee cause i'm looking for a part time job and i know i won't qualify for it but i do want to invest in my future cause my first job does take out pension. Thanks!!
2007-07-17 11:17:32 · 3 answers · asked by Caryn B 2 in Business & Finance ➔ Personal Finance
Invest in a IRA, either a Roth or Traditional. If you suspect you will be in a higher bracket later, go for the Roth. If you are going to a lower bracket go Traditional.
All banks, life insurers and brokerages offer one. For a very small investor who has few skills I recommend seeing your life insurance agent or an Edward Jones broker. They will help you and can get you a personal retirement account. I would interview before you buy. You are hiring them for the quality of their advice. I teach a class in financial decision making and get quotes on life insurance. The difference for a 25 year old male is 6X between worst company and best company in terms of value over long periods of time.
Likewise, there can be very substantial differences in return in mutual funds from company to company.
Interview and you can easily find what you want.
2007-07-17 11:42:20 · answer #1 · answered by OPM 7 · 0⤊ 0⤋
You can open an IRA either traditional or roth (roth is the better option because the money is taxes when you put it in, so if you need to borrow from it later it isn't taxed and when you draw from it when you retire you don't have any taxes then either.). You can contribute up to $4000/year and after age 50 you can contribut $5000/year.
2007-07-17 18:27:51 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Your best option is opening a roth ira. You won't receive the tax benefits right away, but when you withdraw, you'll be tax-free.
Another important factor is to invest your money in a place where it'll grow quickly. Usually in the stock market is a good way to go.
2007-07-17 18:38:37 · answer #3 · answered by Bob Smith 5 · 1⤊ 0⤋