whats a good plan to put money for retirement? ive heard of RothIRA, mutual funds, money market, etc but dont really know how they work. i have $1600 in 401k from my old job (Oppenheimer Quest Balance Value Fund A, Growth Fund A, Capital Appreciation A, Main Street Fund A & Mercury Advisors S&P 500 Index A) where can i go to open such accounts? i have a meeting with some financial advisor from american express, are they any good? im looking into opening both a long-term, low-risk, low taxed retirement fund and a somewhat medium to high risk/5-10 year term plan. any thoughts? thanks.

 

You're asking a bunch of 16-25 year olds about wise retirement plans. That's like asking your grandma for sex advise.

 

i was talking to my friend couple weeks ago about RothIRA's.... put in upto $3g's each tax year... you cant touch it for several years.... you're not obligated to put in a certain amount each time...only restriction is that you cant put in any more than $3g per tax year. when you pull out the money long down the road, i think my friend said that it was tax free, meaning if you pull out $100k, you wont be taxed for it for being part of your "income." im thinking of starting one at the end of this year.

oh yeah, and the interest is applied on the entire balance...so as each year passes, the interest is applie to the entire amount and not just only what you specifically deposited.

 

RB, some of us have bene investing for our retirements for years. I am one of them, even though I am only 25. Start investing in yoyur retirement at a young age and you will be very well off by retirement age. I know I will. :rick:


As for advice, one of the best things to do is open a Roth IRA. The money you make it it is not taxable when you take it out at retirement age. If you work at a company that does 401K matching, do that as well. Atleast invest the percentage of your salerie that they match. That right there is found money and boosts your investment greatly. It all adds up. Start now and never look back. I have my money taken right out of my check. What I don't see I don't miss.

 

RothIRA's sound like a great idea. what about investing mutual funds and money market accounts? any advise on who to open an account with? Vanguard any good?

 

I just use my 401k plan at work. Take 6% out of my check a week and the company matches 4%.

 

Just because young people are investing more, doesn't mean they know what they're doing. Thats why there are financial advisors.

 

RB, i will be seeing that investor. just doing my homework.

 

most so called financial advisors are ****ing crook!

also money market? you realize the federal rate is 1%. you're not going to make much at all.

when you get enough money invest your money in real estate.

 

real estate, w00t.