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Does anyone know about retirement accounts?

I want to start a retirement/savings account. but i dont know anything about them! I want to get a really good interest rate, so what should i look for? where can I get good information?

Answer Question
 
ElsaSalsaaa

Asked by ElsaSalsaaa at 10:15 PM on Mar. 16, 2011 in Money & Work

Level 20 (9,139 Credits)
Answers (6)
  • Look up info on IRAs, my hubby says that's a good place to start. You could find info about that on any bank or brokerage website. Brokerages will give you access to more types of stuff, and could have stuff with more risk but higher potential returns.

    I don't know allot about this but hubby does. He started with Charles Schwab and taught himself as he went. He says "all those brokerages" have similar stuff (like Edward Jones, Morgan Stanley, JP Morgan, American Century, OakMark, TRoe Price, ING, Vanguard, etc.) He particularly lit up at the mention of Vanguard. No idea why. He says they have "good funds."

    Good luck!
    angelmommy11

    Answer by angelmommy11 at 10:20 PM on Mar. 16, 2011

  • You might want to look into making an appointment with a financial planner. He can help you open an IRA and help you choose the funds in which you want to invest.
    ARgal

    Answer by ARgal at 10:24 PM on Mar. 16, 2011

  • I have a retirement fund through my bank. They invest the money for me. Maybe you could talk to a banker in your bank to help you to invest your money for you.
    stitchintime

    Answer by stitchintime at 10:42 PM on Mar. 16, 2011

  • Get a ROTH IRA
    vjoaquin

    Answer by vjoaquin at 4:28 PM on Mar. 17, 2011

  • Start a Roth - look at ETrade.
    tasches

    Answer by tasches at 7:17 PM on Mar. 17, 2011

  • If you've got a 401k through work, that matches- I would start with that. You'll be able to pick from a few options (aggressive growth, conservative etc.) And you can split it between several of those. Remember if you're getting into the market you want to be thinking long term- like 10 years or longer. So don't jump out the moment it starts going down.

    If you don't have a 401k option, look into a Roth IRA. You can invest in a Roth as long as you OR your husband makes at least $5000 a year. You can invest as little as you'd like- or as much as $5000 a year. Your husband can invest $5000 into his own Roth- assuming your household income is at least $10,000.

    You'll probably want to ask friends or family members who they go to for financial advice. Also look at the library for books about investing. Make sure to ask question when you seek advice- and never ever invest in something you don't understand.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 6:22 PM on Mar. 18, 2011

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