What Is A Retirement Fund
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Edwin Said:
How can I start a retirement fund at age 22?We Answered:
Definitely, Roth IRA is perfect for you, try to put 15% of your take home pay and you will be set, whenever you retire you do not have to pay taxes on that money you are putting away, because it is after tax money.Good Luck!!
Pamela Said:
What happens to a retirement fund if a person dies before withdrawing the money?We Answered:
You mean an IRA?Most retirement accounts have a beneficiary named when you set it up. If you die, the beneficiary gets it.
Joel Said:
Moving money from work retirement fund?We Answered:
He should be able to change the type of investment within the fund to a stable value fund or money market fund.However, I think you should stay put. Stocks will recover eventually - though yes it may take a while - and possibly you can make up for all the losses.
If you still feel worried, then move the money as suggested above into a safe vehicle. Talk to your plan administrator about it.
Samuel Said:
How much money is required to buy a retirement fund.?We Answered:
i agree with poster number two -- l think as rule of thumb - in my case my lie style has not changed and it costs me about 75% now compare to when i was working.. so if you for get raises to ss and inflation figure 50 time 75% and you would have a good starting point!!!.Randall Said:
How do you start a retirement fund?We Answered:
You are very wise to get started with your retirement early. Too many wait until late in life and then try to make up for time by choosing risky investments.If you have a 401k plan at work, enroll in it and save up to the matching contribution limit if a match is provided.
If you have no 401k plan, but you have earned income in excess of your standard deduction ($5,700 for a single), consider opening an IRA at a bank or a brokerage. You can deduct the contribution to your IRA up to $5,000 for 2010. Since you pay no tax on the income, the government is actually giving you a loan to get you started!
http://www.irs.gov/retirement/participan…
Most banks will let you start an IRA with a fairly small balance if you sign up for automatic monthly deposits. Brokerages normally require a $500 to $2,500 balance to start.
Good luck!