I’m looking to start a retirement plan asap and I’m not sure which way to go with the way this economy is. Any ideas?
What’s a good retirement plan for a 28 year old?
The Wealthy Review
I’m looking to start a retirement plan asap and I’m not sure which way to go with the way this economy is. Any ideas?
Start a ROTH IRA.
This allows you to contribute up to $5000 per year. You don’t get a tax-break today but all the growth on your investments will be completely tax free. Its just about the only way to make money and never pay income taxes on it.
Within your ROTH IRA, I suggest you invest into a growth stock mutual funds. Look at the fund’s 5 and 10 year performance records and pick one that out-performs other similar funds. Remember to compare the fund to other funds, don’t look only at the growth rate. These days a fund that lost 10% value might be good compared to one that lost 15% value. Just remember you are investing for the long term so now is actually a great time to buy because everything is low.
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Start a 401K plan with your company. If your company doesn’t offer 401K, then start an IRA on your own. Ask your bank for IRA accounts. You should also save some for emergency fund.