The company i work does not offer a retirement plan. I want something for retirement. What are my options?

Question

i am 22. I have heard that IRAs are good, how do i go about starting one

Answer 1

Open up a Roth IRA and contrtibute the max to it.  If you later get a better job that does offer a retirement account, you will have two retriement accounts, thats not so bad.

Answer 2

Congratulations on being so intelligent and wanting to start early.  It gives you more of the magic of compounded interest.  A Roth IRA would be wonderful for you.  If you contribute the maximum $5,000 each year ($416.67 per month) and average a 7% interest rate, you will have over $1.3 million when you reach retirement age which for you is age 66.  That is being very conservative.  The stock market has averaged a return of over 12% for the last 50 years.  If you can average 10% over that time period, you will have over $3.25 million.

Answer 3

You can open an IRA or a Roth IRA.

Answer 4

Start a Roth IRA.  You can open them at banks, mutual fund companies, brokerages, etc.

Answer 5

Jeanne R gave an excellent answer.  If you want to do some research, Vanguard is a good place to start (link is below).  I have my Roth IRA with them, and I think they're great.

Answer 6

Invest in an IRA.  If you are young, a Roth IRA may be the best.  If older, a regular IRA may be best.