Where and How can I start saving for my retirement?

Where and How can I start saving for my retirement?

dolphine_luver84 asked:

Im 25 years and it wants to begin the saving for the retirement. How I am looking for a retirement plan?

Ghost Stories of New Orleans

This entry was posted on Friday, August 21st, 2009 at 1:52 am and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “Where and How can I start saving for my retirement?”

1. Uncle Leo Says:
   June 20th, 2009 at 6:37 am

   Catalina Wine Mixer

   1. Begin by saving about 6 months worth of living expenses in a federally insured bank or credit union account separate from your regular checking account. Don’t touch this money except in an emergency, because it’s for emergencies.

   2. Open a 401(k) or equivalent account if your employer offers such a retirement plan. Make sure you contribute enough to get your employer’s matching contribution, if there is one (i.e., some employers will put money or stock into your 401(k) account if you contribute a minimum amount, and this match is definitely worth getting). You get tax benefits from retirement accounts (contributions aren’t taxed up front but only when they’re withdrawn, which could be decades later). If your employer offers a Roth 401(k), that might be a good option for you–your contributions would come from after-tax income, but if your withdrawals after age 59 and 1/2 would be tax free.

   3. If you don’t have access to a 401(k), open a Roth IRA with any bank or mutual fund company.

   Try to build both an emergency fund and a retirement account simultaneously if possible. But build the emergency fund first if that’s all you can afford to do. Then focus on the retirement account.

2. programmer Says:
   June 21st, 2009 at 4:47 pm

   T-Shirts

   give me the money and i will save it for you, haha
   seriously, just start any small inverstment business.
   contact me if you need some ideas, good luck

3. Annuity Sleuth Says:
   June 23rd, 2009 at 10:11 pm

   Shawn Plep

   An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid. Annuities are most often bought for future retirement income. Only an annuity can pay a retirement income that can be guaranteed to last as long as you live.

   An indexed annuity is a fixed annuity, either immediate or
   deferred, that earns interest or provides benefits that are linked
   to an external equity reference or an equity index.

   When you buy an indexed annuity you own an insurance
   contract. You are not buying shares of any stock or index.