I'm 21, but curious as to when and how I should start a retirement fund? any suggestions?
I wanted to start one up when I was 16 and took an econ class, but my mom kinda laughed at me when I came home and told her I wanted to so nothing ever happened about it.. and its been on my mind lately, so I decided id ask, but I've forgotten everything I learned in econ.. so how do I go about it?
I have 10,000 in my regular savings, then I have a savings bond for 3,000 and my regular checking account that has 700 in it.
Start one now, and diversify, because over the course of your life, you're likely to see at least two deep recessions, and probably one company holding your money will go t*ts up and take your savings with them. So don't have all of it in the one place.
You should start right now. I've read enough about it, if you delay for say.. 7ish years... you'll be missing out on tens or hundreds of thousands later in life. Sooner you get it started... sooner it starts snowballing from interest. If your employer has a plan.. jump on it. Especially if they match your contribution. Don't count on social security... our generation will get f***ed out of it.
I would say that at the very least start putting away what you can into a separate account.
One of the wisest things you can do is to have a checking, and at least 2 if not more different savings.
You find out what you need to live off of for that month, and you put that into your account (plus a little to go out and eat, see a movie or two, etc), put the bulk of the rest into savings, and the rest of it into your "retirement" fund.
Ultimately when you find a career, or a job that offers a 401K, that's when you can put what you have saved into the 401K they set up for you.
Yes, get a financial counselor, but ask around first & get one with a good, trusted reputation from people you & your parents know & trust. Then get an appt. & talk to him/her about your goals & start a Roth IRA. They will help you with the rest. You'll want to keep some in the bank.
As soon as you start working. Right now girl! Seriously. If you do, and you save every week, without fail. You will not regret it. It is the best thing/gift you will ever do for yourself. Do it without fail. Then you will be able to retire at a descent age. Your generation will not have social security, I am sure of that. So you need to save, and save alot. Don't give into your "wants" along the way. Pay yourself first.
You should start around the time when you're 18 I think that's the legal age to open up your own IRA. Well I have mine with Schwab, all you do is call them up and open an IRA then I just dumped all my money in their conservative mutual funds.
you can choose whatever you want, but anyways good luck