Best way to invest money for retirement?
Hello I am a 27 year old male wanting to discover some helpful tips on a safe and secure way to lead myself down the path of retirement. I currently only make $12 per hour and can only save $100 a week. I would like to receive some advice on how to invest this money for when I need it later in life. I don’t plan on making this amount of money my entire working career but its what is my wage currently. Thank you for your response.
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Buy mutual funds,exchange traded funds and/or index funds ( of broad indexes not the Dow). Later buy shares of blue chip companies that pay significant dividends. Avoid fees.
You can look for a GOOD investment counselor and ask about a WELL DIVERSIFIED investment plan.
Watch out though, some councilors are more into it for their benefit than for yours and they will sell you things that they get kick backs (commissions) on for selling.
You are doing things right. Starting to save while you are young will pay huge rewards, the way compounding interest works. Keep saving, every time you get a raise put a bit more into savings each month, and before long you will be surprised what you have saved. Make an agreement with yourself that that money is for your retirement, not to be spent on other things, and then don’t take it out.
Some people use the phrase,”pay yourself first” to describe this plan of savings. You owe it to yourself to plan for a good, fun retirement, and to get it you need to pay for it in advance.
If your company has a 401K plan that they also match some of the money that you put in, be sure to take maximum advantage of this. 401K’s also have tax advantages, as do other plans. The advisor will explain this too.
Also, be sure to have adequate health, auto and home owners/apartment insurance, because without it just one sickness, a car wreck or someone slipping in your home could bankrupt you and take EVERY penny that you have saved. insurance
Good question and I have a good answer. If I was you I would minimize risk so maximize profits in order to re-invest.
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