Once you open the account you will need to invest the money into something (stocks, bonds, certificates of deposit (CDs.)) Consider opening an account at a discount broker like Fidelity or Vanguard. You should consider putting your money into mutual funds or Exchange Traded Funds (ETFs.) These will allow you to invest in stocks that will give you the best return over time, but will help to lessen some of the risks. A mutual fund or Exchange Traded Fund will allow you to purchase several stocks all at once with just a little amount of money.
You're 23 and, I assume single and not a homeowner. Since there are three life-changing events possible before retirement beckons, just save your money for a) when you decide to get married b) when you have children of your own ( hint - they aren't cheap) and c) when you buy a house or condo. ( You can't really set aside funds for retirement when you have so much of your career and life in front of you.
I'm not saying - don't save - just remember that there are going to be many more immediate demands on your savings between 23 and 66. Most people would say that a home is the best investment so I'd focus on that goal before worrying about retirement. Mortgage interest can be a great deduction from income taxes. How much have house prices risen in the last forty years? Twenty times? Do you really expect a bank account to grow that much?
first of all you need some education, at the very least an AA from a 2 year college, or vocational school or technology school. so you can't save until you earn and you normally can't earn more unless you choose higher positions and with those higher positions that require a degree of some kind you can't earn more. Of course some people go into business for themself but then it's hard to get a loan (car, home, furniture) if you work for yourself. Ok so you can't invest right now but when you earn about $35,000 you can and when you get that job you'll more than likely have a contract type job with benefits, one benefit being an investment plan in which your company helps you save. If you're still an hourly employee then, well, who has money to save when then earn $12,000 (I never did). But how people start out is with a 401K or a Roth. I think you can deposit up to $2,000 a year. anyway, start one and maybe transfer it to the one at your place of employment when their investment program begins. It might be good to work two or three jobs if you can (you'd have to plan those out to a tee so one job doesn't affect or hurt the other job.
Work out a budget and see how much , if any , money you have extra each month
see how much of that you can afford to invest for retirement and ask at your bank about savings and investment plans . most large banks have investment plans where you can put in a certain amount every month automatically . if it's a retirement plan you can arrange that you can not take any money out before age 65 .
the government may even give you a rebate on taxes or a refund because you are saving for retirement , ask about that at the bank too
Before starting investing, build up a savings account of no less than $500 ($1,000) if you can. That will help you out short term. Don't use that money for anything but real emergencies (hint: Christmas is NOT an emergency). While you're doing this, look up internet resources & learn about mutual funds.
very confusing task query into search engines like google this will help
I'm 23, working for $12,000 a year (hopefully not for life) ... and I want to save and invest for retirement, but I do not receive 401 K or anything from my workplace. I can put aside money in my bank account, but I would like to know of other options... someone told me I can put my money into a certain place... and get more money for doing so. What are you doing for retirement? What's the best thing I can do?
