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    sarah_20pgn's Avatar
    sarah_20pgn Posts: 69, Reputation: 1
    Junior Member
    		  
    #1

    Feb 20, 2009, 07:50 AM
    Wanting to set up a retirement plan
    I'm 24yrs old,and I want to set up some kind of retirement plan.any suggestions?thanks.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 20, 2009, 07:54 AM

    Well there are two issues here. Any individual can set up an IRA (Traditional or Roth) and contribute to it. The question then becomes what to invest the money in.

    I would suggest that you go to your bank or someplace like Fidelity or Schwab and sit down with someone to fuilly understand the advantages of Roth over Traditional and to suggest an investment strategy.

    At 24, if you invvest the maximum in an IRA, even invested consertively, you should have well over a million dollars to retire on.
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