My work does not have retirement benefit (will have it in 2 years or so). I am 32. I have saved up 10,000 that is sitting on very low yield savings account. I will be able to save 0-00 every month now onwards. But I do not know how to invest that money in order to retire by 65. I do not own any property and do not want to buy any as I will be moving in an year.
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April 28th, 2010 at 1:05 am
As others have mentioned, a Roth IRA is a great idea. However, it sounds like you need more specific advice, like what funds to invest in, how to do so, and what other types of savings vehicles are out there for someone in your situation. You should seek out a fee-only financial planner in your area who can do a financial plan or check-up for you. Some planners charge hourly fees of $150-350/hour, some have flat fees for the service, and some will manage your accounts for a percentage fee (usually 1-2% of the account balance).
A fee-only planner who is a CFP (Certified Financial Planner) has gone through at least 1-2 years of educational training, passed a 2 day exam, and has 3+ years of real-life experience in financial planning. It’s worth spending a little money now to save yourself much more later.
Go to http://www.napfa.org and enter your zip code to find a fee-only CFP in your area.
April 28th, 2010 at 1:05 am
Get a Roth IRA. They are proven to be the best tax-sheltered vehicle for retirement savings. Contributions to a Roth are limited to $5,000 for your age during the year 2009.
Some IRA’s are offered by Fidelity, Vanguard, and Lincoln National Life. I do not represent any of them. Others exist as well.
Another benefit to consider is a Flexible Spending Account and an Educational Savings Account.
April 28th, 2010 at 1:05 am
Even though your company doesnt do it, you can do up to $5K on your own in either a traditional IRA or a Roth… PER YEAR…
It can be set up at any discount brokerage…