Question

I need some help/advice.  Embarrassingly I am 34 years old and have absolutely zero saved for retirement.I need some help/advice. Embarrassingly I am 34 years old and have absolutely zero saved for retirement. I only have $50 each month I can dedicated to stashing away. Do I start a ROTH IRA or.? Help! I know nothing about this stuff. How much does it cost to even get something like this started?  

Answer 1

If all you have right now is $50, starting a Roth is better than nothing. Roth means it’s a post-tax contribution and any growth isn’t taxed later. Traditional IRAs are more beneficial now as they lower your taxable income but with such a small amount available it’s hard to figure out what % to contribute that would equal $50 and you would get taxed on earnings later.  

Comments

Additionally some employers have selected investment groups (ie idelity) that hold free informational investment webinars or complimentary consults. Maybe check into that.  

Answer 2

Following for answers also!  

Answer 3

I would do what @mediocrity recommended. Heck into your employers match policy. If you can get $100 for your $50 than you want to go that route and start a Roth later on.  

Answer 4

Glad you asked this. You can talk to a financial planner in your area. I am in the same boat. I love my job but there are no benefits other then PTO and paid holidays. I don't have a retirement set up but after this month i am going to look into opening an IRA, i havent decided whether i want to do traditional or roth, over time i will eventually do both.  

Answer 5

Don’t be embarrassed, I’m 45 and hubby is 48 and we have nothing for retirement either. We are embarrassed but on my defense I didn’t know about budgeting till this last year

Comments

@mythical24 yeah I had no idea either and we are 50 and 51

Answer 6

Talking to a financial planner may lead you to who you want to go through to set up and IRA Roth account. Good luck! I recommend Roth over traditional since you're still fairly young.  

Answer 7

I'm 32 and just got my husband to contribute the 6% his company matches this month! He's been there 5 years and we have missed out on thouuuuusands of free dollars. And we only do $50/month into a Roth, which I only have because my dad opened one for me with $100.  

Answer 8

There are lots of providers that offer low/no cost until you transact: fidelity, E*trade, vanguard. What’s most important is that you’ve started paying attention and learning, and start now!  

Comments

Sure you definitely have to do what you’re comfortable with, but all three of the places I mentioned have brick and mortar in addition to online if that’s what concerns you. But the online is cheapest. Why pay someone to do something you can do yourself.  

Answer 9

I am 32 as well and trying to pay off my debts before saving up for my retirement even though we have superannuation (pension) here in new zealand

Answer 10

Do a ROTH if you don’t have 401K I started my with 50$ each month til I had 2500$

Answer 11

36 no retirement saved and trying to figure out how to afford to start it.  

Answer 12

Open a Roth IRA for free on fidelity. Transfer your $50 over then invert that into a target date index fund then leave it alone. Wash, rinse, repeat

Answer 13

I just opened Roth IRA with Betterment by rolling over my previous job 401k, I got best customer service and its pretty easy and straight forward and you need not worry about the investing your Roth IRA money, they are robo advisors who does it for customer you just need to deposit your money and watch it grow