Hi Friendly Fools,I want to retire in 10 years. I figure I can get a part time job and have $10,000 a year or more to invest! What can I invest in to get out of the rat rate in 10 years! Thanks!!!!
Work through the Fools Retirement Planner. See the link at the bottom of the page. You need to figure out what your income requirements will be when you retire. Also you will need to factor in other incomes sources such as pensions or social security payments.If your retirement will be exclusively on investment income, you will need something like 20 to 30 times your annual income needs in investments. I would bet that $10K/yr will fall short of this number, but make a beginning and decide if you are ready to retire later.Look into the Fool School for ideas on where to invest your money. Foolish Four or one of the other Foolish stock portfolios can be a good way to do it.You need to think about taxes. Are you participating in a 401K? Are you eligible for an IRA? How old will you be when you retire? Greater than 59-1/2? If yes, then putting your $10K into these plans to the max possible makes sense.If less than 59-1/2, it becomes attractive to make taxable investments. Then a long term buy and hold stock strategy may be attractive. Otherwise, S&P index mutual funds or tax managed mutual funds could be the way to go.Read up on the Foolish information before you decide. Feel free to ask again if you have more questions.Best of luck to you.
ks9m,Come on over to the Retire Early Home Page board. There are discussions that cover the many issues you need to consider about planning your investments, leaving your job and retiring early. http://boards.fool.com/Messages.asp?id=1380025000126001rustedSoul
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