I am 22 years old and want to start preparing for my retirement.

Question

If this was you, and you made enough money to put away around $200 a month into some type of retirement investment what would you do?

I am 22 years old and want to start now. I am holding back from starting something up because I am just plain uneducated about these types of things.

I don't care what the risks are, I just want to know what you would do if you were in the same situation.

thankyou

Answer 1

Contact a company like Fidelity.  They can help you start a retirement plan.  They provide you with the guidelines, and suggest what to do.

(I am not employed by Fidelity.)

Answer 2

dude good for you, go right ahead--i wish i did that at your age.

Answer 3

You are a very intelligent 22 year old.  Open a Roth IRA because all of the interest that the account makes will be tax free when you retire.

Answer 4

Right now - with the economy as it is - you need to play it safe.At least for next 12 months. Nobody knows what will happen - not even the experts and advisors. They can't predict the future - no matter what they believe. So - for now be safe. Just a straightforward savings account with higher interest for regular savings if you can make that commitment.

After 12 months the situation may have changed. Stock markets might be at a low - which is a good time to buy into this sector - however , again there is no way of telling when they are at the bottom of a trough - but it's a reasonable assumption they will rise again - at some point ! !

Answer 5

I would invest in mutual funds for the long haul, talk to someone at your bank about investing in mutual funds and do a lot of reading, Money Magazine is a good magazine to read.