UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next
Author: SirTas Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Re: Newbie needs help Date: 1/23/2005 7:40 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
Right now, I am trying to start planning for my retirement (I'm 30 years old, I'm starting a LITTLE LATE).

I guess I'm a LOT LATE then. Started investing in about 2000, when I was 52. Soon figured out that I should start a 401(k). Unfortunately, we get no match.

Like you, I've learned a lot at the Fool :)
Just wish I didn't start buying at the height of the bubble :(

Always lived below my means though. Never owed anything on a credit card.

Anyway--you should definitely get on your 401(k) program--at least up to the match. One good thing about a 401(k) is that you are paying yourself first--the money comes right off the top, so it's an easy case of financial discipline. (I myself don't miss the money at all. It's gone before I see it.) Plus, you bring your current tax liability down. I think it's great.

Next I like the Roth IRA. The value can grow and you'll never pay tax on the growth. (At least, that's the way the rules are now. And I don't think they'll change them.) Plus, unlike with a traditional IRA, there's no minimum required distribution at age 70.5

--SirTas
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement