Illinois Secure Choice Retirement Savings Program
My company offers this IRA savings plan. Is this good program to get into if your in your early 20’s? If so there are 4 options to choose a Capital Preservation Fund, Target date funds, Conservative fund, or a Growth Fund. Not sure which option is best to start investing in.
Terry Says
Do they match your contribution? If so, then yes, sign up. And since you’re in your 20s you might as well invest in the growth fund.
But if they don’t do a match, then go to Fidelity.com and open a ROTH IRA. You can put up to $7,000 a year into it (assuming you earn that much), and you can have them take a few hundred dollars out of your checking account automatically every month. Tell them you want to invest it in the S&P 500 fund. Then stick to the plan, even if the stock market falls a lot. Your regular contribution will buy more shares if prices go down. Over the long run, this will be the best and cheapest way to grow a retirement fund.