Question : I am 34 years old and I really do not have a retirement plan can anyone help?
I am really starting to get concerned about retirement.. Can anyone tell me where to start? My company doesnt have a 401k plan..
- asked by BRANDON S
All Answers:
Answer #1
You can open your own IRA at a bank and they willdeposit it in your account for you if you havedirect deposit. Try to take out at least 5%.
- answered by Sundown
Answer #2
visit daveramsey.com to learn ur hard lessons fromothers mistakes.
- answered by robert w
Answer #3
Many people get to their 30s and 40s then panic asthey have forgotten or not been bothered with aretirement plan.As a health and wealth creator, Ican show you how to not only create a comfortableretirement, but to show you how to enjoy goodhealth at the same time!Email me for moreinformation if you are interested.
- answered by Fun4Life
Answer #4
Hey there! To answer your question your not alonemany people are unprepared for retirement.One-third of workers did not save anything forretirement last year (USA Today March 2, 2006).Thats even more alarming considering half of allfamilies have total financial assets of less than$23,000 (Smart Money, Oct. 2006). To start youmust talk to a financial coach that takes in allareas of your financial life (debts, investments,insurance, etc.) It gets confusing and seems likeits going anywhere, when your going to manydifferent people. My client get advice on allareas because with me being focused on theirentire financial picture the better I can servicethem. Take a look at an IRA (Roth orTraditional). For 2008 you will be able to invest$5,000 a year into them, $4,000 this year. Setup aspending plan and free up money whereever you canto invest. If your in Tennessee I could help youout personally or I can contact someone in yourstate to sit down with you. $1,000 per yearinvested @ 10% will grow to $199,724.67 in 30years or $5,000 per year @10% will grow to$994,655.88 in 30 yearsTo respond to the onesaying stay away from primerica, 1 spell itcorrectly please, 2 WHY? we offer investment choices from American Funds, AIM Investments,Franklin Templeton Investments, Legg MasonPartners, Oppenheimer Funds, Pioneer Investments,Van Kampen Investments, ARE you saying to stayaway from those companies?
- answered by jeffery d
Answer #5
It's still not too late - you've got 33 more yearsuntil you reach your "retirement age" of 67. Ifyou open a Roth IRA, you can start contributingright away. The limit in 2008 is $5,000.Let's sayyou start contributing $416 per month right now,put the money into a well diversified total marketindex fund, and are able to average an 8% returnover the next 33 years. If you do nothing else,you'll have about $760,000 at the end of 33 years. That's not a fortune, but it's a heck of a lotbetter than nothing.Here's something else to chewon: if you buy a home to live in and have it paidoff 33 years from now, you won't have a mortgagepayment to make in retirement. That's huge,because housing is usually your biggestexpense.Don't worry about getting everything rightbefore you start. Get going now and you'll figureit out along the way. In 5-10 years, you might beworking for a company that does have a 401k - butif you wait another 5-10 years to get started,you'll have to save significantly more (and I meanmuch, much more) each and every month to make upfor lost time. Good luck.
- answered by Marko
Answer #6
That's a good question Brandon. It's great thatyou are putting thought in to retirement whileyou're still young. The sooner you get startedinvesting, the longer your money has to grow andcompound. For your situation, I would recommendopening an IRA. An IRA is the simplest and mostwidely used retirement account. An IRA allows youto contribute up to $4,000 annually($5,000beginning in 2008) and allows you to invest in awide variety of investments (stocks, mutual funds,stocks, money market, options, etc.) If you wantto be in charge of your own investment decisions,one way to open an IRA account is with an onlinebrokerage site, such as ETrade or Zecco Trading(which offers free stock trades). If you preferto have guidance and recommendations on yourinvestments, I am a financial advisor and would behappy to meet with you and taylor a plan to suityour needs. The benefit of having a financialadvisor is you receive active management from alicensed professional and a plan that is designedspecifically for your financial situation. Feelfree to send me an email if you'd like to sit downand discuss your financial goals. But for thosewho prefer to manage their own investments, theonline brokerage sites I mentioned above aregreat. Hope this helps.
- answered by Nick S
Answer #7
34 is still young enough to do well...if you startnow.All things being equal start here:(1) Open aRoth IRA at Vanguard and put all the money in theVanguard Total Stock Market Index Fund InvestorShares (VTSMX). I would put your max contributionin for the 2007 tax year (until April 2008) in andopen the account after the first of the year2008...then put in the max for 2008 tax year in assoon as possible and start the max contributionfor 2009 as soon as possible after 1/1/2009. Thereason for this detail is to minimize the $20annual fee for IRA's at Vanguard. Once you hit$10,000 the fee stops. Not a huge deal, but ifyou have the cash, avoid it.(2) Set up an accountat TreasuryDirect account for savings bonds. Begin buying weekly, monthly, quarterly (whateverworks best for you and your budget) I bonds. (3)Now for the math -- What is 10% of your grossincome? What is 15% of your gross income? Yoursavings for retirement -- and only retirement --should be between these numbers. What is thehighest number between these figures that seemsdo-able to you at this point?(4) If your numberfrom (3) is great than the maximum contributionallowed for a Roth IRA, put an amount equal toyour contribution to the ROTH IRA inTreasuryDirect I Bonds. There are no fees forthis account. You can open one at any timeprovided you have a US bank account. Taxes arenot paid on these bonds until they are cashed.(5)If your number from (3) is greater than 2 timesthe maximum contribution for a Roth, in the first2 years (2007 & 2008) use the "difference" to maxout the IRA and the Treasury account as if you hasbeen contributing continously for all of2007.After you reach $14,000 in contributions toeach account (last link for limits) in 2009, youwill need to open a TAXABLE account, to continuecontributing your 10%-15% annually to retirementUNLESS you become eligable for 401(k) plan. Ifso, put that option ahead of (1) & (2) above. Maxthe 401(k) and then put the excess in (1) & (2),maxing (1) before (2) up to your 15% maxretirement contribution.
- answered by MVD34
Answer #8
Stay away from;BanksInsuranceCompaniesPrimeAmericaYou can start a ROTH IRA. Youcan, in addition open up Mutual Funds. Read acouple of good books on retirement investing(believe it or not the "dummy" series has a goodone). You must learn about "Asset Allocation"&make a plan that fits you.Thencontact;SchwabFidelity BrokerageVanguardT. RowePriceetc.Good luck.
- answered by Common Sense
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