Question : how do i save for retirement when my employment does not offer a retirement plan?
i recently started a new job, it's a union job, which has great medical benefits and sick time and paid time off, but it does not offer a retirement plan. what should i be doing to save for retirement?
- asked by lovesmehendi
All Answers:
Answer #1
a Roth IRA account.. =] its really simple and youbuild up money over the years.
- answered by angelicsnowbabii
Answer #2
Put money into an IRA each year - that will allowit to grow tax-deferred. And there's nothing tostop you from investing to save toward retirement.
- answered by Judy
Answer #3
You can choose between a traditional IRA or RothIRA. If you choose traditional then any amount youcontribute is tax deductible if you fall under acertain salary range
- answered by prodigychild_21
Answer #4
Roth IRA. Max out the Roth but the totalpercentage of your pay that should go intoretirement is about 15%. So if the Roth max (about$4k, depending on the year and your age) is lessthan 15% of your take home pay then put the restin mutual funds.I also suggest you read: The TotalMoney Makeover by Ramsey for the when and why's ofinvesting and debt. Ramsey's website also has"ELPs" listed (endorse local providers) that canhelp you set these accounts up for you.I alsosuggest you read Suze Orman (she has a lot ofbooks, pick one that is closest to yoursituation). I would start with Ramsey and thenread Orman. Orman is A LOT more technical thanRamsey and the easy definitions that Ramsey useswill help you read Orman.Good luck!
- answered by mldjay
Answer #5
First step is a Roth IRA. Second step iscornering your union rep and asking why theyhaven't been pushing for a retirement plan.
- answered by Thomas O
Answer #6
IRAs are a wise choice. I too would recommend theRoth IRA if you are eligible (depends on yourincome).I'd establish the IRA at an investmentfirm and select some good stock mutual funds toinvest in.
- answered by derek
Answer #7
Start your own retirement account. The most commonone is an IRA (Individual Retirement Account).There are 2 basic types of IRAs the Roth andTraditional. A Roth IRA gives you no immediate taxadvantage, meaning the money you put in is aftertaxes. All interest earned is not taxed until youtake the money out. You can contribute to the Rothuntil you die. A Traditional IRA gives you an upfront tax benefit. Any money put into aTraditional IRA may be tax deductible (meaning itslike you didn't make it that year). I say maybecause if you make more than ~$100k a year thiswouldn't work. With either type of IRA you canopen a basic savings account, a CD, an annuity, orinvestment accounts. Visit your financialinstitution to learn more about what they offer.Ifyou feel you don't have enough to start an IRAright now I would create an automatic savingsplan. Your financial institution should be able toset up an automatic transfer of money on yourpayday from checking to a savings account. Thisallows for easy savings, and what you don't see inchecking is harder to spend.
- answered by gotcha212
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