Any advice for retirement?

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g35x955
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Any advice for retirement?

Postby g35x955 » Fri Oct 14, 2016 10:33 am

Im 21 and i want to start saving for retirement. I dont know much about it but this is something i need to do because my job doesnt offer anything like that ( i work for my fathers auto repair shop) Im very interested in roth iras and would contribute the max of five thousound each year and not touch it but theres so many to choose from...

Im very confused

Any advice? I appreciate any response on this
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CarefulBuilder14
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Re: Any advice for retirement?

Postby CarefulBuilder14 » Fri Oct 14, 2016 12:17 pm

Use the search feature and you'll find a bunch of old (and not so old) existing threads on this topic.

*Keep your costs low, start early, and until/unless you get to be a very skilled investor, diversify broadly.
Last edited by CarefulBuilder14 on Fri Oct 14, 2016 2:57 pm, edited 1 time in total.
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Vattené
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Re: Any advice for retirement?

Postby Vattené » Fri Oct 14, 2016 2:51 pm

Start saving yesterday is the best advice. Whatever you ultimately do, you'll be glad you started young.

I'm in the same boat myself. I do have some money in mutual funds, but I also started saving a percentage of my income about a year ago. I haven't actually started anything designated for retirement yet. I set up an appointment with my guy to force myself to actually address it.
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g35x955
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Re: Any advice for retirement?

Postby g35x955 » Fri Oct 14, 2016 11:46 pm

CarefulBuilder14 wrote:Use the search feature and you'll find a bunch of old (and not so old) existing threads on this topic.

*Keep your costs low, start early, and until/unless you get to be a very skilled investor, diversify broadly.


I'm going to do that now. Hopefully ill find some good info.

By the way..

You always reply to me and I always see you respond to other peoples posts that I look at. On behalf of myself and everyone one else on this site. Its VERY appreciated. Thank you.
Discover IT $3000 (3/15)

g35x955
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Re: Any advice for retirement?

Postby g35x955 » Fri Oct 14, 2016 11:51 pm

Vattené wrote:Start saving yesterday is the best advice. Whatever you ultimately do, you'll be glad you started young.

I'm in the same boat myself. I do have some money in mutual funds, but I also started saving a percentage of my income about a year ago. I haven't actually started anything designated for retirement yet. I set up an appointment with my guy to force myself to actually address it.


If you don't mind me asking, who is " your guy"

Thats what would help me out. I have no idea where to go to and have no guidance with this.

I don't even know if this is to personal of a question so if it is i understand if you don't respond.
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CarefulBuilder14
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Re: Any advice for retirement?

Postby CarefulBuilder14 » Fri Oct 14, 2016 11:54 pm

g35x955 wrote:
CarefulBuilder14 wrote:Use the search feature and you'll find a bunch of old (and not so old) existing threads on this topic.

*Keep your costs low, start early, and until/unless you get to be a very skilled investor, diversify broadly.


I'm going to do that now. Hopefully ill find some good info.

By the way..

You always reply to me and I always see you respond to other peoples posts that I look at. On behalf of myself and everyone one else on this site. Its VERY appreciated. Thank you.

Happy to help.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Judemik
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Re: Any advice for retirement?

Postby Judemik » Mon Oct 17, 2016 10:54 pm

Investing at a young age is a good plan for retirement. try investing in corporations which were having high share growth over the past 10 years.
Then, have good savings.

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Vattené
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Re: Any advice for retirement?

Postby Vattené » Tue Oct 18, 2016 3:02 pm

g35x955 wrote:
Vattené wrote:Start saving yesterday is the best advice. Whatever you ultimately do, you'll be glad you started young.

I'm in the same boat myself. I do have some money in mutual funds, but I also started saving a percentage of my income about a year ago. I haven't actually started anything designated for retirement yet. I set up an appointment with my guy to force myself to actually address it.


If you don't mind me asking, who is " your guy"

Thats what would help me out. I have no idea where to go to and have no guidance with this.

I don't even know if this is to personal of a question so if it is i understand if you don't respond.

Not at all, but it wouldn't do you much good personally. It's just a certified financial planner from a small, community bank. I don't have any accounts with this bank either, I just went to him when I was 18 to help me do something with money I'd saved while working. Definitely didn't mean I have "a guy" in the sense that I have a lot of money that needs managed, just that I needed help with the best strategy and approach in investing it.

You might ask to talk to a financial adviser at a bank you use (most have investing/wealth management departments), or just sit down with someone at a place like an Edward Jones. Talking to a few different people couldn't hurt, and might put you more at ease. I also think keeping costs low is important, and have thought about investing in index funds with what I've recently saved even. That is one thing to keep in mind if you do talk to a professional: they do make money off of you. Any mutual fund you invest in that is actively managed makes money off of fees, and historically (after accounting for fees) actively managed funds don't perform much better - if any better - than index funds. However, if you just feel like you have no clue what you're doing and don't know where to start I think a professional could help you with basic information and determining the approach you want to take in investing.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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