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Retirement
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<blockquote data-quote="BamaTJ" data-source="post: 15775" data-attributes="member: 2"><p>Not an FA, but do have an idea. Start with your employer and see what they offer in the way of retirement. Most employers offer a 401k plan in which you put in X percentage of your salary each year before taxes. This is good because it lowers your taxable income which means less money to uncle sam. At your age I would start with a manageable % you can afford, but at a minimum 2-3%. Most employers will add matching contributions, once a year contributions, etc (known as vesting) based on years of service mainly. All companies are different in this area so check it out. If your employer offers nothing in this area or you just don't want to go that route, then open a traditional or roth IRA through any decent financial instituion (I have one of each with Fidelity). This money is not deducted pre-tax generally, but a % of the amount you put in each year is tax deductible on your taxe returns. There are lots of things to consider in terms of taxation and benefits of a roth vs traditional ira, so do some research online and see which is best for you. Roth is more popular because it is a little more flexible on emergency removal of funds. </p><p></p><p>At your age start small and ramp up each year as you get older. If your money is invested in a good fund it will make steady 5-10% returns each year and since the money is off limits it adds up quick. I am 28 and started saving small about 3 years ago with a company 401k @ 2% contributions and $100/month into my IRA and I just looked today and I have $12k in my accounts. The average return on my 401k is 15% so it is killing it!</p><p></p><p>Hope this helps, good financial sites or places like fidelity.com are good resources to study up on this stuf.</p></blockquote><p></p>
[QUOTE="BamaTJ, post: 15775, member: 2"] Not an FA, but do have an idea. Start with your employer and see what they offer in the way of retirement. Most employers offer a 401k plan in which you put in X percentage of your salary each year before taxes. This is good because it lowers your taxable income which means less money to uncle sam. At your age I would start with a manageable % you can afford, but at a minimum 2-3%. Most employers will add matching contributions, once a year contributions, etc (known as vesting) based on years of service mainly. All companies are different in this area so check it out. If your employer offers nothing in this area or you just don't want to go that route, then open a traditional or roth IRA through any decent financial instituion (I have one of each with Fidelity). This money is not deducted pre-tax generally, but a % of the amount you put in each year is tax deductible on your taxe returns. There are lots of things to consider in terms of taxation and benefits of a roth vs traditional ira, so do some research online and see which is best for you. Roth is more popular because it is a little more flexible on emergency removal of funds. At your age start small and ramp up each year as you get older. If your money is invested in a good fund it will make steady 5-10% returns each year and since the money is off limits it adds up quick. I am 28 and started saving small about 3 years ago with a company 401k @ 2% contributions and $100/month into my IRA and I just looked today and I have $12k in my accounts. The average return on my 401k is 15% so it is killing it! Hope this helps, good financial sites or places like fidelity.com are good resources to study up on this stuf. [/QUOTE]
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