What retirement plan should an 18 year old start in this economy?

I have budgeted to put $2,000 in my retirement account until the age of 26 and than leave it there until retirement.

Any suggestions?

Start a Roth IRA for two simple reasons. If you absolutely need to, you can withdraw your contributions tax-free and penalty-free. Just don't touch the earnings.

And, the earnings accumulate tax-free until retirement provided you follow the tax rules. Since you're starting early, most of the accumulation in your Roth IRA will be from earnings by the time you retire. Everything you withdraw in retirement will be tax-free.

What is the difference between total career points and retirement points in the military?

Be Sociable, Share!
  • more What retirement plan should an 18 year old start in this economy?

Similar Miles Vickstrom posts:

  1. About Miles was raised in Anamoose, North Dakota and moved to...
  2. How can you get retirement when your employer does not offer it? My husband has no retirement plan with his employer and...
  3. Retirement Investing – What Type Of Investments Retirement may be a long way off for you or...
  4. Retirement – Investing for Retirement Retirement may be a long way off for you ,...
  5. How Much Will You Need For Retirement? It’s no secret that the average American is not saving...

This entry was posted on Friday, June 24th, 2011 at 4:00 pm and is filed under retirement. You can follow any comments to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 comments

  1. doreen k
    May 19, 2009 at 6:43 am

    Start a Roth IRA for two simple reasons. If you absolutely need to, you can withdraw your contributions tax-free and penalty-free. Just don't touch the earnings.

    And, the earnings accumulate tax-free until retirement provided you follow the tax rules. Since you're starting early, most of the accumulation in your Roth IRA will be from earnings by the time you retire. Everything you withdraw in retirement will be tax-free.
    References :

  2. TheGreatStank
    May 19, 2009 at 7:33 am

    Stay away from stocks. Buy gold or guns. They never go down in value. Forget about retiring rich, it ain't gonna happen.
    References :
    life

  3. Couldn't be better, thank U
    May 19, 2009 at 8:20 am

    Get an education or learn something really good. THen move out of the US and stop paying taxes. Earn lots and keep it all.

    I lived in a van when I was in the US cause I was broke. 12 years on, I have a couple of mills saved up and making loads.

    THe American dream is dead and won't be revived for a few decades. IF you're serious about securing a good future for yourself and you family, it ain't gonna happen in the US of A any more. There's a whole world out there just waiting to be lived. Get out and experience it. YOu won't look back, guaranteed.
    References :