IRA's for Young People

[Nuke And Juke]

i got a couple of youngings...i see what you're doing here. I get what everyone says too but...cmon now. It's his first job and a temp at that. So it's kinda putting the cart before the horse. When your that young, there isnt much you will ever understand about money and life. When I was that young, you had me at saving...you lost me at Roth

Here are my few cents that will stick...

1) Wear a condom
2) Stay away from the fat ones
3) Always ask for an attorney.
4) Never sign anything
5) Nothing is ever free in life
6) Buy land...when that gets boring...study finance or hire an advisor

 

[potenza]

I used my company match as soon as I could! It was only 3% but I added as Much as was allowed. If he stays for 30 years, like I did, he will hopefully be set

 

[Old_School]

I would start with savings then go to Roth. I have some in everything and the roth seems to be the steadiest. Not the fastest but steady but l dont need it yet

Roth or traditional IRA have no bearing on how they perform. An IRA (traditional or Roth), is simply the folder that your investments are put into. You can bundle any number of different types of investments into either IRA.

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[Twiztid]

Lots of good suggestions here. Would you guys recommend supplementing a pension with an IRA? Just curious.

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[palmettomoon]

Lots of good suggestions here. Would you guys recommend supplementing a pension with an IRA? Just curious.

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If you have the money, why not? I only wish someone would have snatched a ****ing knot in my head when I was 23 and made me see that I wouldn't have to save as much now for retirement if I'd started saving a little more then.

 

[ARCman47]

If you have the money, why not? I only wish someone would have snatched a ****ing knot in my head when I was 23 and made me see that I wouldn't have to save as much now for retirement if I'd started saving a little more then.

Tell me about it. I'll be peddling midget ***** till I'm rolling in a wheelchair

 

[Lionheart]

With our current political situation I would recommend buying silver and gold and putting it in a safe.
Banks and stocks may not be around when he reaches retirement age.

 

[Glockspeed31]

Lots of good suggestions here. Would you guys recommend supplementing a pension with an IRA? Just curious.

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Yes for the main reason, when you die (and you will eventually just as all of us will) your pension dies with you with exception of passing to your spouse if you have one, then it will die when they do. With an IRA, it can pass to your inheritance choice
Note: I am not a financial professional or anywhere close to that, just been listening to Dave Ramsey for several months and this is what I have gathered. You need to seek professional financial investment and tax guidance.

 

[wsbrown]

be prepared for socialism

Lot of truth here.

Only a matter of when they get elected, and when they do, they will come for our 401ks and IRAs to give the less fortunate their fair share...

 

[Nuke And Juke]

Yes for the main reason, when you die (and you will eventually just as all of us will) your pension dies with you with exception of passing to your spouse if you have one, then it will die when they do. With an IRA, it can pass to your inheritance choice
Note: I am not a financial professional or anywhere close to that, just been listening to Dave Ramsey for several months and this is what I have gathered. You need to seek professional financial investment and tax guidance.

Nothing irrates me more than seen my wife with someone else...except seeing that dbag with my wife and money after i pass.

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