Thank you "engineer for your answers. I don't have alot of $ but I do need to shelter about 7-10k before January 1st. What/ where would you invest in to accomplish this task? Thank you again.
2007-12-30 12:54:27 · 4 answers · asked by Anonymous in Business & Finance ➔ Investing
Hi Monty,
Definitely an IRA and you still have time like the other poster said. You probably need suggestions as to what you should actually invest in, in an IRA. And, by the way 7-10,000 can grow very nicely over time. If you want some good info on tax deferred investments, ask you question on other sites also. Give info such as income, age and any info that is pertinent to you and your financial situation. This way the answers to your questions are geared specifically to you. Try moneyrec.com-- it is designed for your kind of question and there are experts that post on the site-- you could get some good advice.
Free to users. Also, Morningstar.com has a board, free, but you have to pay for other information.
Good luck, you are on the right track!
Bunny
2007-12-31 01:29:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
An annuity is an expensive product that only the sales Representative wins at.
An IRA or ROTH IRA are really the best way to go (through a good diversified Mutual Fund). There are limitations on how much you can put in.
An ETF like SPY, IVV etc would also work (there would be some dividends, but your principle's growth would be tax deferred).
$10,000 is not a whole lot of money to "shelter". Be carefull of many plans with high fees that actually cost more than the tax saved.
2007-12-30 22:10:25 · answer #2 · answered by Common Sense 7 · 0⤊ 0⤋
You have until April 15th to make a 2007 contribution to an IRA.
2007-12-30 21:53:47 · answer #3 · answered by npk 7 · 0⤊ 0⤋
An annuity or an IRA would do the trick
2007-12-30 21:19:32 · answer #4 · answered by gcl915 2 · 0⤊ 0⤋