Ask Terry Questions Investing after being cleaned out

Investing after being cleaned out

By Terry Savage on April 20, 2024 | Financial Planning / Retirement

I used up my retirement through divorce, poor job market and poor decisions on my part. I’m in social security and working part time. I’d like to start building some funds to help in retirement. Do you recommend any starting investments? Thanks

Terry Says

If you’re just starting to recover, I recommend building some savings in the bank before starting any investment plans. However, if you are still working and have earned income, you can open a Roth Individual Retirement Account, where your savings will grow tax free.

But first you should have about $10,000 savings in the bank. Please write back ifyou have that much set aside, or when you do —

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