2007-10-01 08:24:52 · 12 answers · asked by Melissa W 2 in Business & Finance ➔ Investing
Go to your bank and inquire about IRA plans.
2007-10-01 08:27:46 · answer #1 · answered by Joseph F 5 · 0⤊ 0⤋
Why Private retirement of course! If you are a member of a school district or work at a hospital, get a 403(b), if not and IRA or Roth IRA would be ideal for you AND you get great tax advantages. If you put like $4,000 a year into a IRA, that money does not count as taxable income at the end of the year. If you want to stay more conservative and do not care about a low return, but are guaranteed that you will not lose any of your investment, go with an annuity. Or if you're are feeling a little more aggressive, try a mutual fund. Franklin Templeton has some good ones that are doing very well. Like the Franklin Templeton Growth Fund, or Franklin Templeton Founding Funds.
Try getting a consultation at a financial planners office. It should be free, don't let them charge you. We NEVER charge people just to explain it to them and give them recommendations based on their income. We make the money after you get something over a period of time. So definitely have someone help you invest and it won't cost you anything!
2007-10-01 18:03:29 · answer #2 · answered by Ivana Cracker 5 · 0⤊ 0⤋
Take a certain percentage depending on your age, young (5-10%), 40's+ (15%), 50's (20%) and invest in an IRA with a bank. It's higher than a savings account, or some part of it in a CD for a certain amount of time, then re-invest at expiration.
There are multiple options out there if your company does not offer one. While it is true, a company generally contributes (add) 50% towards your your first 1-6% participation. Sometimes, the choice of stock, mutual fund, equity does not always pan out, and even though more monies are invested this way, you can also lose more money.
2007-10-01 15:33:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Get the maximum amount into ROTH IRA'S each year until your company or your new company has a 401K plan. Believe me some day when you are about to retire you will be very happy you made that decision since you get 100% of your money and interest back and owe no income taxes.
2007-10-03 00:01:17 · answer #4 · answered by Brick 5 · 0⤊ 0⤋
Definitely a Roth IRA. Fidelity has a program where you can forgo the typical $2500 minimum initial investment by setting up an automatic $200/month contribution. You'd be amazed at how fast your money can grow with even a relatively small monthly investment!
It might not be a bad idea to make a yearly contribution to a traditional IRA as well, you'll be able to write off a sizable amount from your taxes.
Good luck!
2007-10-01 15:29:17 · answer #5 · answered by zzgorch 3 · 1⤊ 0⤋
if your young I would go with a Roth IRA if older a traditional IRA account have a mixture of stocks and bonds and read info carefully your get from investment firm as far as fees etc
2007-10-01 15:31:24 · answer #6 · answered by Rick K 3 · 0⤊ 0⤋
You can open a roth IRA. Your bank can help you figure out what's best for you. They can explain different options.
2007-10-01 15:29:30 · answer #7 · answered by ninfasflowersngifts 2 · 0⤊ 0⤋
Roth IRA you contribute and can pull money tax free when you retire.
IRA you contribute tax free now (deduct from income taxes), but have to pay taxes when you withdraw. (similar to 401k)
Both have benefits depending on your income.
2007-10-02 00:34:22 · answer #8 · answered by nucleusone 2 · 0⤊ 0⤋
I....R...A.....
The IRA is the correct answer PERHAPS.. the Roth.... Do you have income...?? Cause I do believe you need reportable income to participate in the IRA--- Inquire @ a local Bank
2007-10-01 17:08:07 · answer #9 · answered by raguse7 1 · 0⤊ 0⤋
Quitting
2007-10-01 15:27:28 · answer #10 · answered by Poindexter 3 · 0⤊ 0⤋