No 401(k) plan.Q A The company I work for doesn't have a 401(k) plan. I'm 33 years old and want to have enough to retire comfortably. I just opened an IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. with Citibank, and I contribute $300 per month. Any advice? Ozzie--Via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Congratulations for making the commitment to fund your retirement. At 33, you still have many years of employment ahead of you to structure a portfolio to reach all of your retirement goals. An IRA is a great way for you to put away money that will grow tax-deferred for your retirement. The law allows you to set aside $4,000 for tax year 2005, so if you can, I would encourage you to increase your monthly contribution to $333.50 per month in order to maximize the benefit of this savings vehicle. As you consider investments for your IRA, be mindful mind·ful adj. Attentive; heedful: always mindful of family responsibilities. See Synonyms at careful. mind to invest aggressively because you have enough time left to recover from any market lows. Check out www.Morningstar.com for growth mutual funds that have performed consistently during the last five years and small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock funds that have strong managers with track records of picking young companies with great potential. Also, if your IRA administrator allows, go to www.ETFconnect.com for exchange-traded funds Exchange-traded funds (or ETFs) are Open Ended investment companies that can be traded at any time throughout the course of the day. Typically, ETFs try to replicate a stock market index such as the S&P 500 (e.g. that will give you access to index-type funds in diverse investment sectors, such as gold and other commodities. If your income allows, also consider a universal life insurance policy, which will allow you to build up a cash account you can borrow against that will also grow tax-deferred.--Matthew S. Scott Mail your money management questions to Ask B.E., BLACK ENTERPRISE 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011 or send an e-mail to scottm@blackenterprise.com. |
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