I am almost 41 years old. I bought a condo a few years ago. I don’t have more than 5K in savings but I want to start investing for retirement.
What is the best way to start investing for a guy my age who is just starting out?

Thank you!

Terry Says: It’s never too late to start.  So, I’m assuming you have a job.  Does your company provide a 40l(k) retirement plan — and do they give a matching contribution?  If so, that’s the place to start. They will give you a choice of investments within the plan, and some guidance about which funds to choose.  Keep investing on a regular basis.

If you don’t have a company retirement plan, open a Roth IRA by calling Fidelity or Vanguard.  Each has an “equity-income” fund — a reasonably conservative choice.  You can invest up to $5500 this year — assuming you have that much earned income.  If you only have $5,000 in savings don’t put it all into the IRA.  Instead open an account with the minimum, which is typically $1,000 — IF you agree to have them take an automatic monthly contribution out of your checking account.  That way, you’ll spread your contributions out over the year.  Don’t get scared when the stock market falls. It only means that your couple of hundred dollars a month will buy more shares! Remember, this is a long term plan!

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