I have 2000 dollars to start. I want to save for my retirement. thanks
2007-10-30 03:14:00 · 10 answers · asked by Anonymous in Business & Finance ➔ Investing
Any investment should be a medium to long term one to make sure you get a decent return. If you are 71 years old now, then the only way of making decent return in a short period of time is to invest in very risky stocks. The inherant risk here means you could easily lose all your money.
2007-10-30 03:18:06 · answer #1 · answered by Itchy1977 4 · 0⤊ 0⤋
Since you are 71, you are pretty much can retire at any age. Since you only have $2000, that's a lot of money for someone who is 71, but $2000 won't get you much in any stock. If I were you, I would contact a broker like A.G. Edwards and see if they can get you a preferred stocks that pay good dividends. You need something to supplement your income. The risk is low, but just like any stocks, they can go down in value.
You can't afford to take huge risk and gamble your money away, so choose the safe bet with a stable preferred stock.
Another option are CD's. If you can afford to not see the $2000 for 6 months to a year, you might get a decent rate of return.
Good luck
2007-10-30 06:44:15 · answer #2 · answered by Gary 4 · 0⤊ 0⤋
If you're just starting to save now, it won't do you much good, but I would just put it into a Money Market account at the bank and/or get some CD's (Certificates of Deposit). Most other type of investments are for long-term. I would not recommend the Stock Market or an IRA or anything like that with a small amount of money at that age.
2007-10-30 03:19:29 · answer #3 · answered by Dep. 2 · 0⤊ 0⤋
6-month CDs. Forget the stock market, forget bonds. Your needs are more for security - you don't have a lot of years in which you can recoup a loss on a risky investment.
2007-10-30 09:16:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Shares are the thing - bonds will not pay for you. Learning to trade equities can become a very fulfilling hobby. Good luck to you.
2007-10-30 04:22:34 · answer #5 · answered by CountTheDays 6 · 0⤊ 0⤋
at yoru age tax free municipal bonds are best.
low risk and safety. good return.
2007-10-30 03:21:22 · answer #6 · answered by Michael M 7 · 0⤊ 0⤋
buy bonds at your age
2007-10-30 03:24:44 · answer #7 · answered by bizzbagg 4 · 0⤊ 0⤋
Open a brokerage account at Zecco and I will help you for FREE.
2007-10-30 09:43:35 · answer #8 · answered by Anonymous · 0⤊ 2⤋
I'm not very smart
2007-10-30 03:21:26 · answer #9 · answered by Mel Dogg 1 · 0⤊ 2⤋
try http://goldenbullstocks.com and do your own research
2007-10-30 13:07:48 · answer #10 · answered by Anonymous · 0⤊ 0⤋