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IRA
Mutual funds

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"I am brand new at investing for my retirement and was wondering where should I start? Any help would be nice. Thanks

IRA

Mutual funds"


Those two are not mutually exclusive choices. IOW, you could invest in mutual funds inside an IRA.

Regards, JAFO


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Do index funds in an IRA.

WRJ
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Let me see if I can say this right.

An IRA is not an investment vehicle in and of itself. It's kind of the doorway your money goes through. From there you tell the custodian of your IRA account what investment vehicles you want to put it in. It can be a savings/money market account, certificates of deposit, mutual funds, index funds, or straight stocks depending on the options that the custodian offers. Some banks/credit unions only offer a savings account. It sits there earning a fixed rate without you needing another thought. Better places offer you a full spectrum of options.

First questions first:

1. Do you have an employer offered retirement plan or a pension? Do you contribute?
2. What's your annual income?

IRA (individual retirement accounts) aren't big enough to be your retirement plan, but they are a great supplement to an employer's plan once you max out with them. Once you've maxed out with your employer you can decide if you want a Roth or Traditional IRA. (Depending on your income.)

Lara Amber
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In case one more phrasing helps you out, an IRA is a type of account, in an IRA you can invest in many things.

So the answer to your question is yes, both. Mutual funds in an IRA.

Although if you have an employer retirement account with a match, that should almost certainly come first.
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Also, there are two types of IRAs, traditional and Roth. Go with the Roth if you qualify.

Calvin
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>> Also, there are two types of IRAs, traditional and Roth. Go with the Roth if you qualify. <<

Hard to say that without knowing specific details. If someone qualifies for a deductible traditional IRA and they have good reason to suspect a lower tax bracket in retirement than they are in now, then the tax break is more valuable NOW than in retirement and the TIRA would likely be better.

#29
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It's August 11. Happy Balloon Day Ziggy (his TMF Anniversary). Enjoy your posts! Hockeypop
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Also, there are two types of IRAs

There are at least 3 types...in addition to the 2 you mentioned, there are also SEP-IRAs.

Acme
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