Illinois secure choice
I’m 19 and working construction job. Employer is offering the Illinois secure choice plan. Should I do this, or just open an ira(or roth) at my local bank where I currently bank?
Thank you for your time.
Terry Says
The one advantage of Secure Choice is that it makes savings automatic, in an account that works much like an IRA. But at age 19, if you have the discipline to allow automatic deductions from your checking account, I’d suggest you go to Fidelity or Vanguard and open a Roth IRA. Then choose the S&P 500 stock index fund and set up automatic monthly contributions — even when the stock market crashes (which it will, for sure, I just don’t know when). Stick to the plan, and over the long run you’ll come out far ahead!
