As the other people have said, you can start either a regular IRA or a Roth IRA. The money in these can be invested in a CD at a bank or into a number of other items, such as mutual funds. The problem with having just the IRA is that you are limited as to how much you can invest.
Besides the IRA, you may want to think about investing in an annuity. In an annuity, you earnings grow tax deferred until retirement. At retirement, you can have the money paid out as a lifetime income. There generally is no limit as to how much money you can invest in the annuity.
There are different types of annuities. You can get fixed, indexed, or variable ones.
The best thing I would recommend is talk to a financial representative to help you decide which plan best meets your needs.
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While deployed to Iraq, my employer moved manufacturing to another country and eliminated my job. The retirement package (401k) was a matching contribution, plus an additional 3 percent provided by the employer even if the employee didn’t contribute. My concern is the 3% that was lost while I was gone.
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I will be working for a startup that does not offer many of the traditional benefits. I would like to continue maxing out my savings plans, but where can I put away money pre-tax?
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I know someone who owns stock as part of their 401k/retirement plan.
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I know someone who owns stock as part of their 401k/retirement plan.
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You basic offerings for a 401K, but because it’s “new” they’re not offering an employer match – The first time I’ve seen one offered as such – is it still wise to invest in this or perhaps use other alternatives in retirement planning?
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Which is better and why? Are they both pretty good choices?
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I’m not self-employed, and other than IRA is there any other tax advantage pension plan for me?
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If so, then Obama’s plan of raising the Capital Gains Tax will affect the buying of stocks. What happens to the Market and YOUR Stock based 401K(which is what 95 percent of 401K is based on) when Obama is elected? Do the math and cancel enrollment in your 401K if Obama is elected.
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