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whats a good retirement plan ?

its about time me and DH start one ......

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Asked by mistik75 at 8:37 AM on Dec. 29, 2010 in Money & Work

Level 15 (2,016 Credits)
Answers (5)
  • One that you have control of and do not depend on employment to provide for. Employment is extra. You are responsible for yourself. The government and your employer are not.

    Answer by tootoobusy at 8:39 AM on Dec. 29, 2010

  • If you have one through your work, start there. Most companies usually will match a percentage. Find out how much they match and contribute up to that amount.

    Then if you can afford extra, put that into a Roth IRA.

    I recommend getting a financial advisor (though some place like Edward Jones). We have one and he is extremely helpful for understanding how to allocate our investments, how much to invest, what the different investments means, etc. They don't charge you for financial advice, only if you open up an account through them and then there's an annual fee (only about $40). For us it's worth it.

    Answer by SherriPie at 9:36 AM on Dec. 29, 2010

  • We also use Edward Jones. Actually everything SherriPie said is what I was going to say.

    Another thing that will help with retirement is to make sure your home is paid off early.

    Answer by slw123 at 10:49 AM on Dec. 29, 2010

  • A 401K if you have one available at work. If not, an IRA fund.

    Answer by HotMama330 at 11:05 AM on Dec. 29, 2010

  • I would contribute to your 401k up to the match. Then max out a Roth IRA. The most you can put in there is $5000 a year, but both you and your spouse can contribute even if only one of you worked. So that's $10,000.

    I think the trick with retirement is to continue to invest for the long run and don't cash out your investments when the market is down. Choose funds that you understand and that have a good long term track record. A good rule of thumb is to invest 10 to 15% of your income.

    Good luck!

    Answer by Erica_Smerica at 7:21 PM on Dec. 29, 2010

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