Thanks to all your comments and some prayers I opened a retirement account through ING (I already have my savings account with them.) I started it with $50 (too bad free $50 bonus is over.) Anyway my plan is to add $10 a month or $120 a year. This is not much but a bit better than waiting until I am 40 to start saving for retirement. I will have $1,200 in 10 years plus interest. I will also do some research to see if I should invest an additional $10 a month (if it is even possible to invest so little) or just put it in savings. This is all new to me, so thanks for the tips.
I know $10 is not much, but it is better than nothing!
-Becky
Thursday, July 22, 2010
I opened a retirement account
Posted by Becky R at 11:44 AM
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4 comments:
Good for you! You'll have a nice jump start by the time you start saving for retirement in earnest.
ok I will match that for every dollar u send to ing i will match-afterall at this rate u will be taking care of your siblings
I think this will be wonderful for you. I have Roth IRAs - one with ING, and one with Fidelity. With Fidelity (and places like Vanguard and such), you have to contribute like 400 dollars a month (which will nearly max it out every year), or do it in lump sums like 1500 or 2500 at a time. ING lets you put in as little as a dollar if you want! It's great for pushing a few dollars in here and there. The money doesn't earn as much as my Fidelity account, but it's nice to be able to put in smaller amounts if I want. It's also great to see it when it's got a little bit of money in it. And knowing you can withdraw penalty free [in case of an emergency] is a plus :-)
I certaintly can not contribute $400 a month at this time, but $10 or $20 is doable.
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