Start investing now in a taxable account or wait for employer tax deferred account?

Question

I'm a 25 year old medical student and so do not currently have an income. Therefore, I am not eligible for any tax deferred retirement accounts? I would like to get started with a Vanguard index fund, or similar, as soon as possible. Should I do this, or should I wait another year when I can use an IRA or 403b? I can give more details if necessary. Thank you

Answer 1

Start now. You can always start funding the other forms of investing later. You can never get back that year of growth if you wait. You have NO income at all? Not even a stipend? You can do a Roth IRA, pay the taxes and take it out when you are retiring and pay NO taxes on it. You can only use earned income to fund an IRA. I don't know what a 403b is. The earlier you start investing the better. Good luck and get some sleep!!